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SEP, SARSEP and SIMPLE Plans

Can a sole prop w/SEP/IRA also contribute to a Traditional IRA?

Guest Taxlady1040

By Guest Taxlady1040
April 13, 2014 in SEP, SARSEP and SIMPLE Plans

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Guest Taxlady1040

Guest Taxlady1040

Posted April 13, 2014

Posted April 13, 2014

Sole proprietor with no employees.

Setup SEP/IRA and has made max contribution for 2013.

Can she also contribute $5500 to a traditional IRA?

masteff

masteff

Posted April 14, 2014

Posted April 14, 2014

Yes, however the deductibility of the traditional IRA contribution may be limited due to participation in the SEP.

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-SEPs-Contributions

Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra

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