We want to contribute the maximum amount possible. We want to take 7K each in traditional IRAs, TurboTax figured the max amount for the SEPs, and use a SIMPLE IRA for the higher earner for the rest. I am unsure what the rules are for taking multiple IRA deductions. I had some income in royalties. I do not know if I need to remove that as income (I am wondering if it is considered passive income and doesn't count for an IRA). One of us made more money than the other and plan to use the spousal IRA option.
