Greetings, my wife and I are both employed and have been contributing to Roth IRAs. However this year we will no longer qualify for those contributions.

While watching a PBS show on finances over the weekend, the host mentioned a "SEP-IRA" in response to a viewer who was working full-time at a company, and doing work on the side as well.

My wife and I both 'moonlight' as contractors for a web design outfit. Does this mean that we qualify for the SEP-IRA? Are we only allowed to contribute out of the proceeds from our self-employed income, or can we contribute from our main job's income as well?

Thanks,
Sam