Another Tax Question: IRA Contributions

[captain_krunk]

I just heard something the other day that has me concerned. I heard you can't contribute to a simple IRA and to a 401(k). I always heard you could do this, but under certain circumstances, you can't. Of course you visit the irs.gov pages to try to find anything out, and that's hopeless. Does anyone here know for certain?

I have a 401k at my day job, and a SEP-IRA in my side business. In 2006 I will probably switch to a 401k so that when I go out on my own, I can just rollover into one account.

Call Fidelity, they are very helpful.

[redduck]

I currently have a Keogh Plan. But, as I understand it, I can put much more money into a Solo 401k. Fidelity sent me a brochure, paperwork, etc. to set up the Solo 401k. Setting up the plan doesn't look too difficult. But, I'm concerned about the acutual paperwork the government requires. I did download the 5500 and 5500EZ forms(are they tricky to fill out)? I'd like to know if there are other forms that need to be filled out during the year. I'm not a paperwork guy and my CPA doesn't do this stuff. Is all this doable--for me? (is "doable" the correct spelling)?