First of all, thank you for the great teaching and information. Really invaluable for newbies like myself.
I'm fortunate to have a reasonable employee/partner income from my w2 job, and a good side income from my 1099 consulting work. I currently contribute the max allowable to my employer sponsored 401k plan ($18k per year) from my annual salary, and my group makes the maximum allowed profit sharing contribution of $15.9k/year. My employer/physician group (where I am a partner and an employee), also has a cash balance/defined benefit plan. I have been contributing $20k/year for the past 2 years to this defined benefit plan from the profit-sharing/bonus component of my W2 income (I believe that for my age, the current annual limit per year is about $66k).
First, from what I’ve read, the above employer/group-sponsored defined benefit plan does not impact my ability to contribute from my 1099 income to a solo 401k, or to a SEP-IRA? From the information that I've read, I would not be able to contribute any additional money from my 1099 work to the salary deferral portion of my solo 401k (or SEP-IRA) as I'm already at the 18k maximum, but can I still contribute to the profit sharing component of it to max that out to $53k (given my current primary job's 401k and defined benefit plan contributions)?
Also, I goofed and it sounds like its too late to establish and contribute to a personal 401k for the 2016 tax year. But what about establishing a SEP-IRA now (March 2017) for the 2016 tax year and contributing the max to it for 2016? I believe I still have until April 15th to do this?
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