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Level 1
posted Apr 9, 2023 4:09:45 PM

Maximum Combined Contribution to 2022 SEP IRA + Roth 401K

2022 tax year - I have 2 jobs.  One is W-2 job, other is personal side job.  I contributed $27,000 to my Roth 401k through my W-2 job (maximum allowable employee contribution for employee over 50).  I would like to contribute to my SEP IRA $2,200 (maximum allowable as calculated by TurboTax).  

 

Employee Roth  + Employer Contributions + SEP                      = Total Contributions by Employee + Employers

    $27,000           +       $9,000                            +$2,200                = $38,200

 

I see that the total is under the $67,500 allowable COMBINED maximum, but am I allowed to contribute more than the $27,000 allowable EMPLOYEE contribution (Roth 401k + SEP IRA)?

 

Thank you.

0 2 1080
2 Replies
Expert Alumni
Apr 10, 2023 5:27:27 AM

Yes, you can contribute to your self-employed SEP IRA if you are eligible, even if you have contributed the maximum of $27,000 to a Roth 401(k) at work.

Level 1
Apr 10, 2023 6:22:37 AM

Thanks so much for your expert advice!  I really appreciate your assistance.