The situation is like this. My primary occupation is freelance technology consultant. But I occasionally do movie stunt work.
As a freelance consultant I contribute to a SEP.
When I do the stunt work I may end up working under the SAG union contract. When I do that I will receive a W-2 with Box 13 Retirement Plan checked.
Will receiving this w-2 prohibit me from contributing to the SEP for that year?
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Yes you can have both a SEP and a 401K.
Thank you for the quick response.
Would having the 401(k) make the contributions to the SEP post tax dollars?
What I'm trying to avoid is having a small contribution to a retirement plan be an issue for the larger pre-tax contribution to the SEP.
Thanks in advance
One type of retirement account has no bearing on the other.
SEP contributions can never be after-tax contributions. They can only be pre-tax.
So if I received a w-2 with Retirement Plan on Box 13 checked that would prohibit the SEP contribution since I'm "eligible" for another retirement account?
Again having a 401K will not prohibit you from contributing to a SEP.
https://www.fool.com/knowledge-center/can-a-person-have-a-401k-and-sep-ira-simultaneousl.aspx
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