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Author: hastings4455 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75832  
Subject: On top of a SEP and SIMPLE Date: 3/19/2001 4:32 PM
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We're considering different IRA options, and have a couple of questions:
1) If I contribute the maximum amount to a SEP-IRA, I believe I and/or my wife can still invest in a Traditional or Roth IRA (although my SEP contributions probably will affect the deductibility of my or my spouse's Traditional IRA contributions), is that right?
2) How about with a SIMPLE IRA? If I contribute the maximum amount, can I and/or my wife still contribute to a Traditional or Roth IRA, or just the former?
Thanks.
David
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 28514 of 75832
Subject: Re: On top of a SEP and SIMPLE Date: 3/19/2001 7:06 PM
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Greetings, David, and welcome. You asked:

1) If I contribute the maximum amount to a SEP-IRA, I believe I and/or my wife can still invest in a Traditional or Roth IRA (although my SEP contributions probably will affect the deductibility of my or my spouse's Traditional IRA contributions), is that right?
2) How about with a SIMPLE IRA? If I contribute the maximum amount, can I and/or my wife still contribute to a Traditional or Roth IRA, or just the former?


The answer you gave yourself to your first question is correct, and it is the same for the second question as well. Your contributions to the SEP or SIMPLE will only affect your deduction for a traditional IRA, not the contribution itself. The latter may be to either a traditional or a Roth IRA. Also, depending on your AGI, filing status, and your wife's employment plus her retirement plan participation, her contribution to a traditional IRA may or may not be deductible. See our IRA area for details.

Regards..Pixy

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