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Retirement tax questions
The contribution limit for your SEP-IRA contribution is generally independent of limit for your regular traditional IRA contribution (which should be made to a different IRA account to avoid any confusion about the type of contribution). Your SEP-IRA contribution reduces your eligible compensation available to contribute to a regular IRA, but it seems likely that you have sufficient compensation to cover a $6,500 IRA contribution after allocating a portion of your net earnings from self-employment to a SEP-IRA contribution.
Whether or not a traditional IRA contribution will be deductible will depend on your modified AGI and your filing status.
‎June 4, 2019
1:28 PM