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Well, mildly confused. I am self-employed (not incorporated) with a tax id.

1) My AGI for 2006 will be above the limit for a Roth IRA contribution. I understand that I may make the maximum SEP IRA contribution of 44K. I was told my wife and I, each in our 50's, can also contribute 5K each to a non-Roth IRA.

Suppose we do that, and that by retirement age each of our investment doubles to 10K, and we each cash out at that point. Since the 10K investment was after tax do we only pay tax on the appreciation? If so how do we indicate that?

2) This one regards transfers rather than contributions. I have SEP IRA's, a Roth IRA, and conventional (non-Roth) IRA's. I know I may only make contributions within limits, and only to the SEP, but may I freely transfer between the SEP and conventional IRA's?

3) The statements I have received for the SEP show both employer and participant contributions, which are one and the same person in my case. Does this matter in the least? If I contribute 44K this year does it matter how the custodian characterizes the contributions, e.g. 20 as employer and 24 as participant.
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