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Subject:  Re: IRA to SEP-IRA Date:  12/2/1999  12:00 PM
Author:  TMFPixy Number:  15835 of 88051

Greetings, Tony, and welcome. You asked:

<<My impression is that you may fund your IRA competely (up to $2000) and also fully fund your SEP-IRA up to max of $24,000 based on $160,000 of income. Isn't this true?>>

Yes, that is true. However, chances are the $2K contribution will not be deductible because the SEP contribution is considered like a qualified retirement plan for that purpose. If covered under such a plan, then IRA deductibility depends on one's filing status and adjusted gross income.

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