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I've had a really difficult time determining if I am eligible to contribute to another tax deferred savings plan. Presently I contribute to a 403B at work. My workplace plans on starting a pension soon, but there isn't one in place as of yet. The company would place 3% of my salary per year into a fund of my choosing. I moonlight at the local hospital and receive a 1099-MISC at the end of the year. No taxes are taken out of this money. I assume this qualifies this money as "self-employment" income. I should make about $40,000.00 a year from this money. Assuming I max out my 403B and receive a pension from my other workplace. What can I do with this "moonlighting" money? Is there another plan like a simple that I can set up?
I called an advisor at Vanguard and He told me $10,500.00 is the max amount of money that can be tax deferred per year, so I wouldn't be able to do a simple IRA.
Now I just watched a money program on TV and this guy is telling me that it may be possible to do a Simple or Keogh with moonlighting money.

I'm confused. Can someone help me here?! I'd hate to be sitting on some money that I could invest tax deferred.

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