I have my own individual Roth IRA. My employer informed me that they will be setting up a SEP for me this year. Is the contribution limit ($3000 now?) applied to each? So if my employer contributes 3000 to my SEP, can I still contribute 3000 to my IRA? Or does the 3000 cap mean that I can't put any in my own IRA if they put 3000 in my SEP?Thanks.
The SEP doesn't affect your Roth or traditional IRA contributions. However, it does mean you are covered by a pension plan, so those limitations will apply to you.--Peter
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