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Level 1
posted Mar 29, 2025 6:02:28 AM

Self Employed SEP IRA and Traditional IRA Contributions

I'm 66, self employed using TT Home & Business. It showed I could contribute $21,880 to a Sep Ira and $19,795 to a traditional Ira. Fidelity says I can only contribute $8000 to a traditional Ira. I submitted my return via TT and now feel like a calculation error was encountered.  Please help if you can!  Thanks much...

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1 Best answer
Level 15
Mar 29, 2025 8:32:02 AM

Fidelity is correct. 

2 Replies
Level 15
Mar 29, 2025 8:32:02 AM

Fidelity is correct. 

Level 1
Mar 30, 2025 5:53:38 AM

I guess words matter... Looking into this further, it appears the money I intend to put into an IRA is not a "Traditional IRA" but an Individual "Solo 401K."  TT shows it as an Individual 401K.  So I think I'm okay.  I'll call Fidelity again on Monday to open my 401K.  Thank you for your help!