I have seen questions regarding maximizing SEP vs. solo 401k, but not both.
I am self-employed, which is essentially all of our income. We are in a position that we have cash to shelter the income, but do not want to fall afoul of the IRS.
With an income of approx. $100,000 this year, online calculators suggest we can either put almost $19,000 into a SEP, or about $44, 000 into a solo 401k (includes employer contribution plus over-50 catch up.)
The question is, can we contribute the maximum to both of these for a total of about $63,000?
Or contribute to both up to some maximum value?
Thank you!
