Contributions to a SEP IRA and ROTH IRA in the same year?

Question: I have a sep IRA, already contirbute maximum to Sep IRA this year, can i also contribute to Roth IRA in additional to Sep IRA? Thank you.”

Answer: The answer is yes, you can.  The SEP IRA is an employer plan, and it is the employer who is making the contribution (even if you are self-employed).  The Roth IRA is only dependent upon you having earned income at least in the amount of the contribution and not in excess of the income limits.  Even if you exceed the income limits, you can contribute to a traditional IRA and then do a Roth conversion.

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