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SEP IRA eligibility and contributions
If I opened a SEP IRA because I was self employed one year, but in a later year only have W-2 income from another employer, is it possible to make contributions to the SEP IRA with that W-2 income? Or can I only make contributions to a SEP IRA from any self employment income I make each year? I’d also like to know vice versa - if I only have self employment income one year, can I make contributions from that income to a traditional or Roth ira even if I also have a SEP IRA? And if I open a SEP IRA can I max out both SEP IRA contribution limits (25% net income or $66,000) AND Traditional or Roth contribution limits ($6,500) in a single tax year? So for instance, if I made $20,000 net income as self employed, can I contribute $5,000 to the SEP IRA and then $6,500 of my income from my other W-2 job to my Traditional or Roth Ira, for a total of $11,500 in retirement contributions for that year?