Author Topic: tax question- SEP 401k SIMPLE  (Read 965 times)

rubor

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tax question- SEP 401k SIMPLE
« on: March 12, 2015, 08:56:30 PM »
Hi all,

I have a 401k through my traditional job, to which I contributed $17500 in 2014. (Quit the job and FIREd right in early 2014.) I also have a side hustle that generated about $5000, with no expenses. Can I contribute additional amounts to a SEP or SIMPLE IRA? I have both set up- I have used the SEP in the past but wanted to use the SIMPLE this year.

It seems the SIMPLE is subject to a $17500 max across all accounts for 2014, making it impossible for me to contribute in 2014. Is the SEP subject to this same restriction?

Thanks for any advice! Please let me know if any clarification is needed.

MDM

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Re: tax question- SEP 401k SIMPLE
« Reply #1 on: May 17, 2015, 08:47:54 PM »
You might read through http://forum.mrmoneymustache.com/investor-alley/recovering-after-shooting-myself-in-the-foot/.  In the end it seems the self-employed option doesn't exist for that OP, but along the way through the thread there is information that could be relevant for you.