Having both a Traditional IRA and a SEP IRA?
I’m just wondering if owning both a Traditional and a SEP IRA affects anything, such as contribution limits, etc. Or can you have both and treat each as if the other didn’t exist?
I’m just wondering if owning both a Traditional and a SEP IRA affects anything, such as contribution limits, etc. Or can you have both and treat each as if the other didn’t exist?
Permalink Submitted by Denise Appleby on Sun, 2007-12-23 21:12
For purposes of contribution limits, it would be as if you had one IRA.
SEP contributions would result in the IRA owner being an [url=http://www.retirementdictionary.com/active-participant.htm%5Dactive participant[/url] for any year that a SEP employer contribution is deposited to the SEP IRA