MaryK4
Expert Alumni

Retirement tax questions

Yes, you can contribute to a traditional IRA even if you participate in another retirement plan through your employer and/or business. However, you may not be able to deduct all of your traditional IRA contributions- the same modified adjusted income limits would apply.  See IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2022.

 

Also, you need to make a special computation to figure your maximum deduction for the SEP contributions.  TurboTax will assist you with this in the interview.

 

 

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