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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125001  
Subject: Re: SEP and IRA Date: 4/9/2008 11:29 PM
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I have fully funded a SEP for 2007. I also have a rollover IRA containing contributions from a civil service retirement plan prior to self-employment.

With no income other than pension and my own self-employment (spouse does not work), are additional contributions allowed prior to 4/15 to my existing IRA and/or a new one for my spouse? Objective is to maximize amount of untaxed contributions for the 2007 tax year as I have some spare cash.

You can both contribute to IRAs for 2007 if you do so by 4/15/2008. Since your SEP contributions make you "covered" by a retirement plan, whether or not traditional IRA contributions will be deductible depends on your income. The income tests are different for each of you.

See IRS Publication 590.

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