Solved: IRA Contributions

Can I still contribute to a SEP IRA for tax year 2023 if I max out on the Roth IRA at $6,500? I have a MAGI of ~$100K, with SE income at about $13K?

posted

Yes, with $13k of net profit from self-employment you can contribute to both. At that amount of net profit, the contribution limits for the Roth IRA and the SEP plan are independent of each other.

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Yes, with $13k of net profit from self-employment you can contribute to both. At that amount of net profit, the contribution limits for the Roth IRA and the SEP plan are independent of each other.