Say your 2019 income is $20,000. If you max your 401k contribution at $19,000, are you limited to putting only $1,000 in a traditional or Roth IRA, or can you still contribute the max $6,000?
Or in another example: Say you have a Roth IRA and a SEP IRA, and your 2019 compensation is only $5,000. You put the $5,000 in your Roth IRA. Can you now put $0 in the SEP IRA, or can you still put $1,250 (25% of compensation) in the SEP IRA?
Thank you!
