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fischmike
Returning Member

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?

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‎March 20, 2023 1:51 PM
last updated ‎March 20, 2023 1:51 PM
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2 Replies
Bsch4477
Level 15
Level 15

IRA contribution deductions

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

‎March 20, 2023 2:16 PM
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fischmike
Returning Member

IRA contribution deductions

Good thought. Thanks.

‎March 20, 2023 2:27 PM
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