Traditional IRA and SEP

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  • spanel
    Senior Member
    • Oct 2008
    • 845

    #1

    Traditional IRA and SEP

    I have a client (sch C) who has contributed $5500 into a traditional IRA already for 2015.

    He now wants to contribute the max to a SEP. $50000 profit in said sch C.

    Can he contribute to both? I have not found anything that says he cant...

    Thanks!!

    Chris
  • BP.
    Senior Member
    • Oct 2005
    • 1750

    #2
    The SEP's an employer plan, so depending on MAGI, the deduction for the traditional IRA contribution might be limited.
    TTB 13-12.

    Comment

    • spanel
      Senior Member
      • Oct 2008
      • 845

      #3
      Originally posted by BP.
      The SEP's an employer plan, so depending on MAGI, the deduction for the traditional IRA contribution might be limited.
      TTB 13-12.
      Otherwise? No problem contributing to both?

      Chris

      Comment

      • TaxGuyBill
        Senior Member
        • Oct 2013
        • 2319

        #4
        Yep, it's allowed.

        Comment

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