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Tradition IRA and SEP IRA Tradition IRA and SEP IRA


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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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Old 04-02-2008, 08:46 PM
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Join Date: Apr 2008
Location: NY
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Default Tradition IRA and SEP IRA
Can I open a SEP IRA if I already opened a traditional IRA for 2007? If so are both tax deductible? thank you
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Old 06-16-2010, 01:38 PM
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Join Date: Jun 2010
Location: Arizona
Posts: 19
Default Re: Tradition IRA and SEP IRA
Yes you can open both. A SEP is simply a document allowing a company to over-fund a Traditional IRA. The SEP will be deductible on the corporate level, traditional IRA contributions are deductible depending on your income and involvement in a qualified retirement plan (or spouses involvement).
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