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URL:  http://boards.fool.com/ltltltltlt-my-employer-has-a-401k-plan-10935098.aspx

Subject:  Re: SIMPLE vs SEP Date:  6/9/1999  5:05 PM
Author:  jocave Number:  11177 of 76390

<<<<<
My employer has a 401K plan to which I contribute the maximum allowed of $10K per annum.

Am I eligible to open a SIMPLE IRA and contribute $6K from my self employed income?
>>>>>

No. The SIMPLE and 401(k) are both income deferral plans, so the limit of the *sum* of the contributions is $10k

<<<<<
If not, would I be eligible to open a SEP IRA and contribute 13.04% of my self employed income (which would be less than $6K in my case)?
>>>>>

Yes.

<<<<<
In either case, can I still contribute $2K to a ROTH IRA (assuming that my AGI does not go beyond the phase out limits)?
>>>>>

Yes.
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