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You can contribute up to 25%.
When figuring the contribution for your own SEP-IRA, compensation is your net earnings from self-employment, less the following deductions:
You can contribute up to 25%.
When figuring the contribution for your own SEP-IRA, compensation is your net earnings from self-employment, less the following deductions:
You contribute as an employer. That’s important to recognize because that means you have an employer requirement plan and can’t get a deduction if you contribute to a traditional IRA. TurboTax will calculate the maximum allowed SEP contribution for you.
Thank you. I also have a traditional IRA. Is it true that if I have a traditional IRA, I can't contribute to a SEP IRA? Or what are the contribution and tax deduction restrictions in this case?
You can contribute to both but since you won’t get a deduction for your traditional IRA contribution you might want to consider a ROTH. The contribution limit for SEP and IRA are independent of another so one doesn’t affect the other.
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