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Can I contribute to both SEP IRA and a Roth IRA in the same year? I am self-employed/sole proprietor with no employees.

Forum|Forum|3 years ago
March 20, 2023
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I am a half-time W-2 employee and I maximize contributions to a 401k through that job. I am also a half-time self-employed/sole proprietor. My research suggests that I can maximize my SEP contributions AND my Roth IRA contributions in the same year. Is this true? Thanks for any help!!

TurboTax Self Employed Online

Best answer by MAK70

There is an "overall" amount that can be contributed through SEP (which does have an income limitation) and Roth IRA (which can be limited by Modified Adjusted Gross Income)- TurboTax can usually detect the maximum amount you can contribute so if you follow the interview, it will alert you if you overcontribute. Note that you should enter everything and go through the final review.

M

MAK70Answer

There is an "overall" amount that can be contributed through SEP (which does have an income limitation) and Roth IRA (which can be limited by Modified Adjusted Gross Income)- TurboTax can usually detect the maximum amount you can contribute so if you follow the interview, it will alert you if you overcontribute. Note that you should enter everything and go through the final review.