403b and a Sep/Simple

[Parent of Holy Terror]

To follow up on the other post.

What if I max out my 403b and I work as a contractor on the side? May I then do a Sep or Simple in addition to my 403b?

Thanks

[RLymanC]

Sep/ira

I'm not sure so:
I ran the senario on my software...it allowed full SEP contribution on Form 1040 line 32.

[Bees Knees]

The combined overall elective deferral limits from all 401(k), 403(b), and SIMPLE plans of a taxpayer under age 50 in 2005 is $14,000 [IRC Section 402(g)(1)].

A SEP (other than a SARSEP) is not an elective deferral arrangement. Therefore, it does not fall under the limit in section 402(g). However, the combined contribution limit for all defined contribution plans (which includes 401(k), 403(b), SIMPLE, and SEPs) for any one individual in 2005 is $42,000 [IRC Section 415(c)(1)].