Need help with understanding this tax issue

Need help with understanding this tax issue

Hi

Background

1. My husband and I have a small business. We are partners. We file form 1065 every year. We set up a Solo 401K retirement / Profit Sharing Keogh in 2007. We will be making contributions based on the income in this business. He is under 50 years old.

2. In addition, my husband does some consulting outside of this partnership. So he has some SE income from this source too. He has an existing SEP IRA account from before. He would like to make an SEP IRA contribution.

We are told that the max contribution one can make is $45,000 for 2007 for folks under 50 years

Question :

Can he get contribute to BOTH plans (based on the income of the 2 different sources) as long as his contribution is under $45,000 in total ?

Pls let me know.

Thanks, Anna