My previous reply answered that question with regard to net profit of exactly $30,000. However, until you know your exact net profit for 2024 you won't be able to determine the exact maximum SEP contribution for 2024.
- Net profit will determine your SE tax.
- Net earnings will be net profit minus half of SE tax.
- The maximum SEP contribution will be 20% of net earnings.
With net profit in the range of $30,000, the amount that you contribute to the SEP IRA has no effect on the amount that you are eligible to contribute to the Roth IRA and vice versa. The contribution limits are independent of each other.
