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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?

Thanks
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Don't forget that a 401(k) has both an employer contribution and an employee contribution.

I don't know what you mean by "individual 401(k)" and "employer 401(k)". The account belongs to the employee, and both the employer and the employee can contribute.

Do you have two jobs and two 401(k)s?
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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?

The $16,000 is the combination of the remaining $11K of employee contributions allowable ($15K - $4K) and $5K of profit sharing (20% of net profit).

Ira

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