Regular IRA contribution to SEP IRA
A client has direct access to a SEP IRA account established through her work as a W2 employee. To minimize the number of accounts required, can she make her own regular IRA contributions, whether deductible or nondeductable, to the SEP IRA account as well?
Permalink Submitted by Alan Spross on Thu, 2008-05-01 00:38
Yes, she can. The deduction may not be available since the SEP contributions are considered to constitute participation in a retirement plan. If not, she should file the 8606 to report the non deductible contribution.