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Can I contribute to both a SEP IRA and a regular IRA?

Retirement, IRAs
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March 2016

Yes, but that doesn't mean you can double your contribution.

Generally, SEP IRA plan contributions are only made by the employer and is the lesser of 25% of your compensation or $53,000.

Some SEP IRA plans will allow individuals to make regular IRA contributions, but this can not be made in addition to your regular IRA account. As an individual, you can only contribute $5,500 ($6,500 if age 50 or older) to a SEP IRA -or- regular IRA -or- Roth IRA account.

If you are the EMPLOYER: The business can contribute up to $53,000 to the SEP IRA and then as an individual $5,500 to the SEP IRA -or- regular IRA -or- Roth IRA.

If you are the EMPLOYEE: You can contribute $5,500 to the SEP IRA -or- regular IRA -or- Roth IRA.

https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-SEPs-Contributions

June 2016
March 2016