I am retired and have a very small business, so I set up a SEP. The allowable SEP deduction is about $2500. Does this really disqualify me from a standard maximum IRA deduction of $8K? I thought I could take both, but it seems that any contribution to a SEP is considered to be "covered by a retirement plan at work". It seems I should close the SEP completely and just take the traditional IRA deduction.
