Ira Catch Up Contributions 401k & Simple IRA Maximum-Poss Catch-up Contribution?

401k & Simple IRA Maximum-Poss catch-up contribution? - ira catch up contributions

My wife and I own a small retail business with one employee and have a simple IRA plan. My main job is with another company with a 401k plan and have the limit that the contribution of 08 @ 15500, I am over 50, but can not reach all the units. My opinion is that this must be done with the pay cut, so it is too late for 08 to 401K. Since I am at my maximum deferred IRS do not think I can contribute to the SIMPLE IRA as a regular donation. I realized that only allows for a recovery in 2500, may designate any IRA contributions in 2500, as an update and get the reduced income?