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?The salary deferral limit is per individual, so your limit there is $12,000. Other limits are by plan, so you get the full boat there.Also any suggestions on how I figure out how much I already contributed through the previous employer? Quickest source is the YTD figure on your last paystub. Maybe you could extrapolate from your last statement from the old plan? Remember that if you overcontribute you have a limited time in the new calendar year to retrieve the excess without tax consequence, so if you go over it's fixable.PhilRule Your Retirement Home Fool
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