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At the end of last year, I established a sole-proprietorship. My husband will make $80,000+ this year and is a participant in his company's 401(k) plan. I expect to gross ~$80,000 in 1999. I have set up a SEP/IRA and plan to contribute 13% as my employer contribution. As I understand it, because we "make too much," I am not allowed to make a deductible employee contribution to my IRA, but can make up to a $2,000 non-dedectible contribution. Is my understanding correct?
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