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March 20, 2023
Question

IRA contribution deductions

  • March 20, 2023
  • 1 reply
  • 0 views

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?

    1 reply

    March 20, 2023

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

    fischmikeAuthor
    March 20, 2023

    Good thought. Thanks.