If you make the SEP contributions then this is considered a retirement plan at work and your traditional IRA deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.
For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
If you are self-employed, taxable compensation is the net earnings from your trade or business (line 3 Schedule 1) reduced by the total of:
- The deduction for contributions made on your behalf to retirement plans (line 16 Schedule 1), and
- The deduction allowed for the deductible part of your self-employment taxes (line 15 schedule1).
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