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The total amount that you could contribute to both plans combined as elective deferrals is $15,500. IRC section 402(g) limits the amount that can be deferred to all plans to $15,500 (if under age 50). So if you defer $15,500 to your S Corp then you could not make any deferrals to X company's plan or vice versa. If you defer $5,500 to your S Corp then you could defer $10,000 to X company's plan.