The maximum IRA for someone age 50 or over in 2019 is $7,000. It seems that you have sufficient compensation from self-employment to support a $7,000 regular IRA contribution, but your participation in the SEP plan means that whether or not a regular traditional IRA would be deductible will depend on your modified AGI for the purpose and your filing status. Make your proposed contributions into TurboTax to see the result for 2019. The IRA distributions will be taxable on your 2020 tax return and you likely will be ineligible for any potential Retirement Savings Contributions Credit for several years.
