Taxpayer has a 401K with employer. The maximum amount of $23,000 (includes catch up provision) has been withheld from paycheck and paid into the plan. The taxpayer also has SE income and would like to contribute the maximum amount of $51,000 to that plan (provided his SE income is high enough). Is this allowed? Or does he have to subtract the $23K from the maximum SEP contribution allowed?
Where would I find "proof" of this?
Thanks, Gary