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Is there a limit on combine contributions to retirement plan

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for example I work for...
Is there a limit on combine contributions to retirement plan for example I work for 2 companies and will get 49,000 contributed for SEP and 10,500 for SIMPLE . Are both these contribution tax free for me ?
Submitted: 6 years ago.Category: Tax
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Answered in 6 minutes by:
11/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!
Yes - there is an overall limit on all contributions into qualified retirement account.

Than limit affect both employee deferred contribution and employer's contribution.

The limitation for defined contribution plans under Section 415(c)(1)(A) - it is $49,000 for 2011 and $50,000 for 2012.

Your combined contributions (including employer's contributions) in all retirement plans in 2011 may not be more than $49,000.

See for reference - http://www.irs.gov/newsroom/article/0,,id=248482,00.html

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