I went back and looked at it again and found something interesting. When the SEP contribution is not included, I get the full $6000 Traditional IRA deduction and when the SEP contribution is added, I no longer get the $6000 IRA deduction and only get the $2000 SEP deduction, which increases my income and thus the taxes that I owe. I opened a SEP because I thought I could take both the Traditional and SEP deductions. Is that not the case? Do I have to chose which one I want to take? Any thoughts?
Thank you for your help!
