I have a friend [cc'd to this] who asked me a tax related question. He makes the maximum annual contributions [$20K+] to the Federal Goverment TSP retirement savings programs, which is similar to employer 401k plans. He also has self-employment income and an individual 401k plan.
Are annual combined contributions to the Fed. TSP program and individual 401k plans limited to the $20K+ annual limit as if both were employer 401k plans, or do annual contribution limits apply to each separately?
Thanks in advance,
Ron Sheldon