I have a sep IRA through my employer (income is $120k and employer made $30k contribution last year). I am attempting to determine how to structure my retirement accounts (for 2021 contributions) through my side business.

I had a large lump sum through my side business last year ($1.2 mil). I missed the boat on opening a solo 401k in 2021 in order to contribute max on employee side. Can I contribute full $58k max through employer profit sharing side (since the deadline is not until April 18 for employer contributions)?

Online advice seems inconsistent. Some websites seem to suggest max employer contribution is $38,500 under a solo 401k. If that’s the case, can I contribute $38,500 to 401k and also open sep IRA and contribute $19,500 to make up the difference in the $58k max contribution?

Thank you!!