Can I make Trad IRA contributions if we contribute to 401K & SEP Plans
My wife contributes to a 401K at work but does not max. I contribute max to a SEP account. Our AGI is $181,245 can either of us also contribute to a Trad IRA or Roth IRA for 2015 ?
Permalink Submitted by Alan - IRA critic on Tue, 2016-03-22 02:03
If your MODIFIED AGI is under 183k you can both contribute to a Roth IRA. But you cannot qualify for a deduction for TIRA contributions, so your best option is the Roth contribution.