Can an individual who is contributing to a SEP-IRA also contribute to a traditional IRA?
Yes, if they meet certain requirements. A SEP-IRA is considered a retirement plan, so the Adjusted Gross Income (AGI) limitations have to be considered. If your AGI, which is computed after the SEP contribution, is in excess of those limits, then the IRA contribution that you make would be nondeductible. The information on the AGI limits is in Publication 590, Individual Retirement Arrangements (IRAs) , in the section How Much Can I Deduct?
Related Questions
- If Im self-employed, can I contribute to a Traditional IRA if Im already contributing to a business retirement plan like a simplified employee pension (SEP) plan?
- Can an individual contribute to a traditional IRA if he or she has other retirement plans?
- Can an individual who is contributing to a SEP-IRA also contribute to a traditional IRA?
