2007-01-31 03:22:32 · 2 answers · asked by Li Jun W 1 in Business & Finance ➔ Taxes ➔ United States
Obviously you know you can do both. The deductability of the IRA contribution is based on your marital status and your adjusted gross income. If you are single the IRA would be fully deductible if your AGI is under $50,000. Between $50,000 and $60,000 you would allocate between deductible and non-deductible. Above $60,000 the IRA would be fully non-deductible.
If you are married the phase out limits are for AGI between $75,000 and $85,000.
You may also want to consider a ROTH IRA for the non-deductible portion if you meet the rules for contributing to a ROTH IRA.
2007-01-31 03:39:56 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
Not only can you still have a Traditional IRA, you also have the option of making your Traditional IRA contribution directly to your SEP
See Publication 560
http://www.irs.gov/pub/irs-pdf/p560.pdf
2007-01-31 03:30:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋