I have funded my 401k plan with my employer to the maximum allowed ($26k) and also have an IRA SEP for my self employment income. I would like contribute the maximum to my IRA SEP of $58,000 which i can do because of the level of Self Employment Income I have. Can i contribute the full $58,000 in addition to my $26k to my 401k plan or am I limited to $58k overall? TurboTax is telling me I can do both but some advisors say I can only contribute max when having the program calculate the maximum allowed.
