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Level 2
Mar 20, 2023 8:51 PM UTC
Question

IRA contribution deductions

TurboTax tells me the maximum IRA deductible contribution I can make from my self-employment income to my SEP is a bit under $5000. This means the $14000 TurboTax says my wife and I can also contribute to our traditional IRA's is nondeductible. Is this the best I can do?

    2 replies

    Level 15
    Mar 20, 2023 9:16 PM UTC

    One choice, if you fund your SEP,  is for each of you to fund a ROTH IRA. 

    fischmikeAuthor
    Level 2
    Mar 20, 2023 9:27 PM UTC

    Good thought. Thanks.