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Financial Planning / Tax Strategies


Subject:  Employer 401(k) and Individual 401(k) Date:  2/5/2007  12:03 PM
Author:  trirun Number:  91723 of 131093

What is the combined maximum than can be contributed to both types of 401k's. I understand it to be $15K for me. Currently Turbotax is allowing me to contribute $16,000 to the individual 401k while almost $4,000 was contributed to the employer 401(k). The profits from the side business with the individual plan is approxmately $20k. So is the $16,000 considered a profit-sharing contribution?

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