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Greetings all,

With all due respect, my read of the IRS regs leads me to disagree with Phil's posting. Pub 560 (SEP section) indicates:

"More than one plan. If you contribute to a defined contribution plan (defined later under Qualified Plans), annual additions to an account are limited to the lesser of $30,000 or 25% of the participant's compensation. When you figure this limit, you must add your contributions to all defined contribution plans. Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans. "

If I'm misquoting or misinterpreting, please accept my apologies. I'm a bit of a novice at this--just stumbling through the IRS regs w/everyone else!

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