A W2 employee with a side gig, can I have two 401ks?

Retirement

I work at my regular job which offers a 401k and I max it out every year. This year I am starting to do freelance work which brings in about 50k/year. I would like to start up an individual 401k to contribute to with my 1099 job money and lessen my tax burden. Can I do this? Does the $18,000 max contribution to 401k also mean that if I max my work's 401k I cannot contribute to an individual 401k?

Posted Feb 16, 2017, 11:28 PM UTC

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