SEP IRA & Roth IRA

If a client has earned income from self-employment and is under the MAGI threshold (for Roth contribution purposes), can they fund a SEP IRA and a Roth IRA for tax year 2022?

I know the contribution for a 2022 SEP IRA can be made up to 10/15/2023 if on extension.

Can 2022 Roth IRA contributions be made up until 10/15/2023 if on extension? Or does the Roth IRA have a 4/18/2023 deadline regardless if going on extension?



Yes, client can make a 2022 Roth IRA contribution, but this must be completed by 4/18/2023. An extension does not extend the Roth contribution deadline.

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