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|Subject: Re: Have SEP IRA - can I get a Roth too?||Date: 12/24/1999 9:32 AM|
|Author: TMFPixy||Number: 16842 of 75375|
Greetings, Bob, and welcome. You asked:
<<"Annual contributions to a Roth IRA are limited to $2,000 minus the taxpayer's traditional IRA contributions."
I currently have a SEP-IRA, to which more than $2,000 is being contributed, yearly. Does that, together with the above quote, mean that I wouldn't be able to contribute to a Roth IRA?>>
A SEP-IRA is a retirement plan set up by the self-employed, In that sense it is not a traditional IRA. You may continue to make a contribution to both a traditional and/or a Roth IRA in addition to what you contribute to the SEP. The SEP merely limits a possible deductible contribution to a traditional IRA.
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