SEP IRA and deductible IRA contribution
I am self employed. I have NO employees.
Does my contribution to a SEP make me subject to the phaseout rule for making a deductible IRA contribution?
I am self employed. I have NO employees.
Does my contribution to a SEP make me subject to the phaseout rule for making a deductible IRA contribution?
Permalink Submitted by Alan Spross on Tue, 2010-01-05 22:39
Yes, it does. You are considered a participant in a qualified retirement plan. This also applies to SIMPLE IRAs.
Permalink Submitted by Robert Wright on Wed, 2010-01-06 20:52
Thanks, as always, Alan.