PP. just realized I misread your post, that the 200k was w2. You can contribute 17,500 in deferral contributions between your primary job and the se 401 combined, but the 20% profit sharing would still be available even if your work 401k was maxed.

You don't have to have an s-corp to take advantage of an individual/SEP 401k, you just need an fein. Apply for an fein through the irs (you can just use your name), use that instead of your ss number with your employer, report it on schedule c. Individual 401k allows you to put away 17,500 in salary deferral, plus up to 20% of business profits as profit sharing from the business. So if you make 200k (assuming no expenses), make 17,500 salary deferral, then another 36,500 in profit sharing. You may contribute slightly more with an s-corp (25%), but the additional returns and work may not be worth it. You technically do have to do a return for the 401k every year, but don't have to send it until plan assets are over 250k.

Just got a PT job paying $135/hr. I am wondering if it makes sense to set up an s -corp. I think it'll be no more than 200 hours a year as its truly part time in addition to my FT job. If it matters, I make about $200K on W2.

I've heard I can max out my 401K + contribute to a sep-Ira separate from 401K limitations. True?

Can anyone opine?