Self employed Retirement Contributions

Forum|Forum|6 years ago
May 12, 2020
6 replies
38 views

Can a self employed Schedule C business contribute to both a Sep IRA and a 401K for the same year? This is his only business, has no employees. He wants to make a contribution to both.

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sjrcpa

Level 15

Yes but why? He will have one overall limit on contributions.

The more I know the more I don’t know.

D

deb514Author

Level 4

sjrcpa - I really don't know why he wants to do that either? I think because he has both set up maybe he wants to split it up?? I was initially confused about whether or not he could actually do that so that is why I was reaching out!!! Thanks for your quick response!