Contributions to both SEP-IRA and Roth IRA
Can a self-employed individual who has a SEP-IRA already established and funded open a Roth IRA and contribute $6,000 for the current year (2022). Taxes are filed jointly and do not exceed $200000 for the year 2022.
Permalink Submitted by Alan - IRA critic on Mon, 2022-12-12 18:36
Yes. The SEP contributions do not affect Roth contributions, other than the SEP contributions reducing MAGI and making it more likely that the Roth MAGI limit is not exceeded. Individual only needs to be sure that MAGI for Roth contributions allows the contribution.