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I have my own business with no regular employees (only independent contractors). My adjusted gross income is usually less than 30,000 per year. I currently have a Roth IRA and a SEP (which was set up prior to SIMPLE IRAs being available). Because I can only contribute 15% maximum to the SEP, I think if I had a SIMPLE I'd be able to contribute more (up to $6,000, right?). Do I need to open up a SIMPLE in addition to a SEP? Can a SEP be converted to a SIMPLE? If I were to make more money, could I convert back?

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