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Employer SEP contributions and Traditional IRA deduction on form 1040.
I am the sole Shareholder and employee of S corp. The S corp contributed 25% of my wages towards SEP IRA. Can I contribute towards my Traditional IRA and claim deduction ($5500) on form 1040? if yes, will it be assumed that I am covered by employer plan and l be subject to limitations for claiming deduction on my traditional IRA contribution?
‎June 4, 2019
11:14 PM