Permalink Submitted by Alan Spross on Mon, 2012-01-23 20:18
Yes, but since the SEP IRA is considered a workplace retirement plan, the TIRA contribution may not be deductible.
The TIRA contribution can also be made to the SEP IRA as long as it clearly indicated to the custodian that the contribution is a TIRA contribution and not a SEP contribution. If the modified AGI is too high to deduct the TIRA contribution, Form 8606 must be filed to show a non deductible contribution. And if income is too high to deduct the TIRA contribution, but not too high for a Roth contribution, a Roth contribution is always better than making a non deductible TIRA contribution.
Permalink Submitted by Alan Spross on Mon, 2012-01-23 20:18
Yes, but since the SEP IRA is considered a workplace retirement plan, the TIRA contribution may not be deductible.
The TIRA contribution can also be made to the SEP IRA as long as it clearly indicated to the custodian that the contribution is a TIRA contribution and not a SEP contribution. If the modified AGI is too high to deduct the TIRA contribution, Form 8606 must be filed to show a non deductible contribution. And if income is too high to deduct the TIRA contribution, but not too high for a Roth contribution, a Roth contribution is always better than making a non deductible TIRA contribution.