Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 11-22-2007, 10:29 AM   #1
Recycles dryer sheets
Join Date: Jul 2007
Posts: 51

Hi everybody:

I'm currently self-employed an participate in a 1 person profit-sharing plan contributing what my maximum income will allow. (roughly 16-17K tax deferred per year)

I just accepted a job with a company and will be participating in THEIR 401K plan. I will definitely be able to reach the max tax deferred contribution allowed for 2008 which is around 15K, right?

My question is:

Can I participate in BOTH the 401K and my personal profit-sharing plan at the same time? Are their limits?

Thanks in advance.

Space Mountain
Space Mountain is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-22-2007, 10:54 AM   #2
Moderator Emeritus
Martha's Avatar
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
This link describes in plain English how to figure out the maximums you can contribute when you have more than one 401k plan:

Common Questions About Retirement Plans

No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Quick Links

All times are GMT -6. The time now is 07:01 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.