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October 27, 2021
Question

SEP IRA and IRA contributions

  • October 27, 2021
  • 1 reply
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If I contribute 25% to my SEP IRA as a sole proprietor may I still contribute to other IRA's to lower my taxable income for the year? What is the maximum I can contribute to/deduct. I am currently 58 years old. 

    1 reply

    October 27, 2021

    You can contribute $7,000 to another IRA but your SEP contribution will affect the deductibility of your other IRA so you might want to contribute to a Roth IRA if you want to increase your retirement investment.