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This year is my first partial year as an independent contractor, and my wife restarted as one too. After some of the expenses, let's say I made $40k, my wife made $1k, and we had $75k in dividends, and a $3k allowable cap gains loss. Our AGI after a couple expenses (line 27 and 29 for SS and Health Insurance) should be in the $100-$110k range (good to be under $110k, since we'd like to stay below the child tax credit limit levels). We did not have access to add money to any 401ks this year.

What is allowable for a combination of an IRA, Roth IRA, and SEP? My first priority would be to fully fund the Roths, since it was a partial year of work and we had capital losses instead of gains. Plus after last year, anything I can put into an account that I then don't have to report is well worth the lower complexity.

If I can put $5k in both of those, am I still able to put money into either of the other venues? I haven't checked recently, but I thought there were limits on the IRA due to the Roth contribution, but could put up to ~20% of our separate paychecks into SEPs.

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