SE and Employed... what are 415 Limits?

[K-t-F]

If someone works for themself and as an employee with a totally separate company that has a pension plan, would the 415 limit be $40k total... or could he contribute $40k for himself and say have his employer contribute $20K ? 402g limits are per individual... 415 limits the same.. or per company?

[BeckyMiller]

Each plan has its own limit under Section 415, unless the employers have to be aggregated under Section 414. There are many ways of required aggregation, but a self-employed person who also has a job with a "totally unrelated" company, would not have to worry about sharing a single 415 limit. Now - there may be weird exception to that general rule if the employer is tax-exempt and sponsors a 403(b) plan.

[K-t-F]

no.... This guy works on the side preparing tax returns for farmers and ranchers. He also is imployed for someone else. No relation.

Thank you very much!