Help??

[Space Mountain]

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

 

[Martha]

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