So I currently work full time at a employer as a w-2 employee with a 401K. I also run a LLC as a small business that I opened a SEP IRA for as well. This year will be the last year I will run my business and will close it before end of the year.
I already maxed out my 401k for the year, and I am looking to max out my Roth IRA of $7000 for this year since my w-2 income and my business MAGI income comes out to less than the income threshold to contribute to the Roth IRA.
Am I allowed to max out my ROTH IRA this year and not contribute anything to SEP IRA from my business? I didn't make much profit off of my business this year, so I realized its probably a better idea to just max out the ROTH IRA.
I can't remember, but I heard that you can either contribute for one or the other and not both. But please confirm with me on this.
