If I work for multiple employers with 401(k) retirement plans, and have a business on the side earning a small amount of money (with a SIMPLE IRA), can I contribute the maximum under EACH employer?
Or am I limited to TOTAL CONTRIBUTIONS of $15,000 for all of the retirement plans for 2005?
Thank you for your help.
Your total 401(k) contributions are limited to $15,000.
However, the allowable employer contributions to the 401(k) plans and the SIMPLE-IRA are not affected by the others. So each employER can contribute the max amount allowed by law and your compensation.
-- Rich Carreiro snipped-for-privacy@animato.arlington.ma.us
SO:
My total 401(k) contributions from ALL employers are limited to $15,000 this year. Does the above $15,000 INCLUDE SIMPLE-IRA contributions for my business? Or would that be an ADDITIONAL amount I could contribute from my profits? Thank you for your help.
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