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My mother has a small business that had about a $1,000 loss this year. However, she made a $1,300 contribution to her SEP-IRA during 2006. How should she account for this on her return?

Now that we know she had other earned income, as long as she didn't make any other IRA contributions for 2006 all she should have to do is ask the custodian to change it to a traditional IRA contribution.

Phil
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