The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Individual 401k question Date:  10/27/2012  1:33 PM
Author:  sailrmac Number:  116850 of 127616

Earlier in the year I contributed to the company 401k plan. Not sure how much.

I have since gone out on my own, opened a consulting business and an individual 401k.

I'm would like to max out and am wondering how much I can contribute to the individual 401k. I realize the annual limit of $50k (I'm 47), $17k on on the employee side and 20% on the profit sharing side (single memeber LLC). However, I'm wondering if there is any way the two plans (previous employer vs. my own consulting business) would be considered two different plans subject to seperate limits.

In other words say I contributed $5k under the previous employer. Can I contribute $17k under the consultancy plus a match of up to 20% of profits? Or can I only contribute $12k plus the match?

Also any suggestions on how I figure out how much I already contributed through the previous employer? I already rolled it all into an IRA at my broker. I'd rather not call the company because, well they are pretty screwed up and I am likely to either never get an answer or potentially the wrong answer.

Best Wishes,
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us