How to Participate in Multiple Retirement Accounts | 371

How to Participate in Multiple Retirement Accounts | 371

How to Participate in Multiple Retirement Accounts

Today on Tax Hacker Tuesday with Epic Real Estate, Tim Berry explains how to participate in multiple retirement accounts. Listen now to learn how to use multiple retirement accounts at once, which contribution limits you need to know about, and how to save for retirement in the smartest and most fruitful way possible.

How to Participate in Multiple Retirement Accounts

What You Will Learn About How to Participate in Multiple Retirement Accounts:

  • Whether or not you can invest in both a 401k account and an IBM at the same time
  • Everything you need to know about retirement plan contribution limits
  • How to save for retirement in the smartest way possible
  • What to do if you’re confused about contribution limits

Recommended Resources:

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Speaker 1: This is Theriault Media.

Did you know that up to 50% of your lifetime income will be wiped out by taxes? What if you could stop this madness? Isn’t it about time you play on a level playing field with the wealthiest 1%?

Now, you can. Tim Berry, attorney-at-law, shares here each and every week current tactics and strategies that anyone can implement to hack the tax code. Protect your assets and keep what’s rightfully yours. It’s time for Tax Hacker Tuesday.

Tim Berry: Okay, so you set up a self-directed 401(k). You’ve got your side business and it’s whatever – consulting, it’s an eBay business, it’s real estate. So, you set up a 401(k) plan, your self-directed 401(k) plan, on this side business over here, and then you’re still also working for the man. You’re working for IBM or whoever over here, and you have a retirement plan with IBM as well. So, you have this retirement plan with IBM. You have your own self-directed 401(k) plan. Are you allowed to participate and contribute to both plans?

I got great news for you. The answer is yes. You are allowed to participate in both plans. There’s going to be certain limitations here, and by the way, I’m going to refer you over to our video on contribution limits for your 401(k) plan because I’m going to start using some language that’s taken from that video.

In particular, with these retirement plans, the two retirement plans, the limit you’re going to have is this: You’re only allowed to make total contributions to the CODA account through the what is normally referred to as the 401(k) account, to a maximum of $17,500 for both plans. So, if you put $5,000 in your plan for IBM and you put in $12,000 for your personal plan, that works, but if you put in $15,000 for the IBM plan and $15,000 for your personal plan, that’s not going to work. You’re going to exceed the 401(k) limits. But remember, that’s just one bucket of your retirement plan.

There’s a number of other buckets that you’re allowed to make contributions to. So, let’s say that you only had profit-sharing contributions inside your IBM plan. No big deal. Let’s say that those contributions were $50,000 to the IBM plan. No big deal. If you earned enough income on your sole proprietorship, you can have your sole proprietorship, your side business, make contributions of $50,000 as well through the profit-sharing bucket.

So, answer to the simple question: Can you contribute and participate in more than one retirement plan? Absolutely you can. Just know the contribution limits can get a little bit confusing, and so just as per normal, if you have any questions on that and how it applies to your situation, go ahead and give us a call or send us an email. We’ll be more than happy to help you out. Thank you so much.

Speaker 1: That’s it for today, as we dream of a tax system that works just for you. But until then, you have Tim Berry. See you next Tuesday for another episode of Tax Hacker Tuesday.

Matt Theriault

Real estate investor and educator.