In 2014, I got both a 1099 When i consulted for a company for 6 months and a W2 with 401K when they turned me full time.
I put 10K on my 401K from the W2 income so i understand that i could still put more aside up to the 17500 max.
But i have also opened a SEP IRA and I was wondering how much i could take out of my 1099 income to put into this account ?
first can i put before tax $$ into both account ? and if yes what would be the limit ?

I put 10K on my 401K from the W2 income so i understand that i could still put more aside up to the 17500 max.But i have also opened a SEP IRA and I was wondering how much i could take out of my 1099 income to put into this account ?======>> The maximum contribution depends in part on whether the contribution is for an employee or, in the case of those self-employed, the owner. For the self-employed, the contribution limit in 2014 is the lesser of $52k or 20% of earnings;so, in addition to self-employed income you also have a regular job where you contribute to a 401k; your 401k contributions do not reduce the amount you can contribute to a SEP IRA. The answer is no, assuming that the 401k and SEP IRA are with two different companies not under common control. While the employee contribution limits to a 401k are per person, the employer contribution limits including a SEP IRA for the self-employed are per plan.



first can i put before tax $$ into both account ? and if yes what would be the limit ?========>>yes. A SEP can be set up for your business even if you participate in your employer’s retirement plan, 401k plan , in this case. The tax advantages are similar to a 401k. You can deduct your contributions to sep ira and your earnings grow tax deferred. You will be taxed on withdrawals from the SEP-IRA.