Two Questions : 1)SEP IRA, 2)Term life insurance

[seth64]

1) I was employed for 9 months during 2007 where I contributed the Maximum 15,500$ to 401K. For the other 3 months I worked with my wife LLC. Am I eligible to contribute to SEP IRA in my Wife's LLC partnership or since I already contributed to 401K, am I ineligible?

2) Is the term life insurance Premium that me and my wife pay every year is deductible?

Thanks

[veritas]

It's your wife's partnership

How can you contribute anything? Are you an employee of the partnership?

Life insurance premiums for your wife are not deductible.