I have been a contractor for 9 months of this year where I earned 1099 income. I am an employee with a company that has a 401k. I am over 50 so I can contribute $24,000 to the company 401k, and the employer can contribute a match of let's say $1,000.
Now I need to decide what to do with the 1099 income. I understand that I can contribute to a 2nd "solo" 401k and also a SEP-IRA. Seeing as I will be contributing the maximum to the company 401k, I cannot contribute anything to the solo-401k. However can a contribution be made as a profit-sharing contribution? Question 1.
Question 2: in addition to this can I contribute 25% of my 1099 income to a SEP-IRA account?
(such that totals of all 3 are less than the total limit of $60,000)