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My employer and I have reached an agreement on a salary increase for me. My base salary increases $5,000 to $45,000 staring 7/1/00, and a $2,500 SEP-IRA will be created. My questions are:
1) Is a SEP-IRA considered income, therefor taxed?
2) Does it make a difference when the SEP-IRA is created?
3) I have been making contibutions to my own traditional IRA, will I still be able to have a tax deduction for year 2000?
4) If no deductions are allowed, should I turn my existing traditional IRA into an Roth IRA? The funds have been beaten down, so I think the tax will be less.

Sorry for all the questions, but I'm a novice to finances, though I do read the Motley Fool. Thanks in advance to all Fellow Fools.
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