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Can you do both? I know that you can't do a Roth + Traditional IRA in
the same year, but can you fund both a SEP-IRA as well as a Roth
in the same year?


You know wrong. You can contribute to both a Roth and a traditional IRA in the same year as long as the total contributions don't exceed $3000 ($3500 if age 50 or more). Why anyone would choose to split their contribution between Roth and traditional, however, is a separate question -- one which I can't find a credible answer to.

A SEP-IRA is a hybrid account. It consists of an employer contribution (the SEP portion) grafted onto a traditional IRA. You, as employer, or your employer (if you are an employee) can contribute a percentage of profits to the SEP-IRA. You, as employee, can contribute up to $3000 (or $3500) to the same SEP-IRA account, or to any other IRA account you have.

Full details can be found in IRS Pub. 590, Individual Retirement Arrangements (IRAs). You can get it here: www.irs.gov/pub/irs-pdf/p590.pdf

Ira
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