IRA deduction limitation?

[Art]

Farmer has Sch F net income of $235,000 and maxes out his SEP IRA Sec 408(k) contribution. He is not covered by any other plan and is over 50. Can he also make a $6500 deductible IRA contribution or is he considered already covered by a qualified plan and therefore not eligible to make a deductible contribution?

Art

[ATSMAN]

Already covered and maxed out!

If he wanted a higher tax deduction, a fully insured defined benefit plan may have been an option assuming other factors were favorable, such as his age. The older you are the better is the deduction.