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My wife and I both have 401k's through our employers. Our AGI for 2008 was $225k.

We also each have income from side jobs, both operating as sole proprietors. I set up SEP IRA's for these but in TurboTax it stated because of our 401k's with our employers, we couldn't deduct contributions made to an IRA. However, reading on SEP IRA's, I didn't see anything disqualifying these deductions based on the 401k's.

Am I missing something? It seems like I should be able to deduct these contributions based on the rules governing self-employed individuals.

Can anyone help with this. I'm quite confused and I know you guys can help in this regard.

Thanks!

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