Alright so interesting events occurred in my life resulting in me having opportunity to contribute to multiple retirement plans. My employed status is below. What I am asking is how/what should I be contributing to and how much?
Employment statuses with various contributions:
Jan 2017-June '17: w2 employed
-457b: $17,950
-403b: $4,500
So I knew I relocating and getting a new job with 1099 status. So I maxed out 457 as quick as I could knowing that it would not be available at new position. Unfortunately I could not max out both this time frame...paying 12k a month on student loans (sigh).
July '17-Sep'17: 1099 IC
new job started in July as an IC 1099 so was planning on contributing to SEP-IRA (have not yet b/c unsure what to do now). Initially I was going to max out the SEP for the remaining year.....but then my hospital got bought out 2 weeks after I signed (ughhh). This led to a re-negotiation of our group in the ED. Unfortunately, they did not win bid and the new group will be K-1. My 1099 pay for 2 months will be about 60k.
So my question is what the heck can and where can I contribute? My original plan was to max out sep-ira with new job. Now I'm thinking of contributing 25% of the 60k for my 2 months as IC 1099 and then maxing out solo 401-k for remaining year when new group takes over. Can this be done? Are there max contributions between sep, solo401k and 403b combined? I've looked everywhere online and can't seem to find a good answer. Oy...doing W2, 1099, and k-1 all in one tax year is not fun.
Thanks!
Employment statuses with various contributions:
Jan 2017-June '17: w2 employed
-457b: $17,950
-403b: $4,500
So I knew I relocating and getting a new job with 1099 status. So I maxed out 457 as quick as I could knowing that it would not be available at new position. Unfortunately I could not max out both this time frame...paying 12k a month on student loans (sigh).
July '17-Sep'17: 1099 IC
new job started in July as an IC 1099 so was planning on contributing to SEP-IRA (have not yet b/c unsure what to do now). Initially I was going to max out the SEP for the remaining year.....but then my hospital got bought out 2 weeks after I signed (ughhh). This led to a re-negotiation of our group in the ED. Unfortunately, they did not win bid and the new group will be K-1. My 1099 pay for 2 months will be about 60k.
So my question is what the heck can and where can I contribute? My original plan was to max out sep-ira with new job. Now I'm thinking of contributing 25% of the 60k for my 2 months as IC 1099 and then maxing out solo 401-k for remaining year when new group takes over. Can this be done? Are there max contributions between sep, solo401k and 403b combined? I've looked everywhere online and can't seem to find a good answer. Oy...doing W2, 1099, and k-1 all in one tax year is not fun.
Thanks!
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