I have w2 income as well as 1099 income which i report on sch C. I want to take advantage of self employment retirement contribution deduction. For my w2 income i already contribute full $22500 for 2023 to 401K. Based on my 1099 income i can contribute towards a traditional SEP.
My question is instead of opening new traditional SEP account can i contribute to an existing traditional IRA account, which i had opened few years ago by rolling over 401K from previous employment ?
