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Contributions to a SEP-IRA are a deductible expense so the maximum contribution rate is lowered from 25% to 20% for self-employed income.

This stuff really gives me a headache!

I use turbo-tax and used their calculations on how much I could contribute to my SEP-IRA. I went back to double check my 2002 tax return after reading your post and sure enough, it was 20%!

decath (will have to read more of the fine print for the 2003 tax season)
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