TSP, Roth IRA, Traditional IRA, and a SEP IRA! Oh My!

[FatMoneyClip]

GOAL: Trying to reduce my AGI to smallest amount possible this year.
Background: Military, Married, Spouse is a homemaker and I have a Real Estate business on the side (Self-employed).

I contributed $4000 to my Roth IRA in January 2006 and I will max out TSP with $15000 next month. Also, I plan on contributing to $4000 to my wife's Traditional IRA in December.

Now I have about $5000 income from the Real Estate business. Can I still contribute some of that to my SEP IRA even though I have participated in all the other plans (Roth, TSP, etc.)?

 

[Desperado]

GOAL: Trying to reduce my AGI to smallest amount possible this year.
Background: Military, Married, Spouse is a homemaker and I have a Real Estate business on the side (Self-employed).

I contributed $4000 to my Roth IRA in January 2006 and I will max out TSP with $15000 next month. Also, I plan on contributing to $4000 to my wife's Traditional IRA in December.

Now I have about $5000 income from the Real Estate business. Can I still contribute some of that to my SEP IRA even though I have participated in all the other plans (Roth, TSP, etc.)?

Yes. I believe the limit is 25% of your $5000 ($1250), but consult the IRS and/or a qualified accountant for the real answer.

 

[FatMoneyClip]

Yes. I believe the limit is 25% of your $5000 ($1250), but consult the IRS and/or a qualified accountant for the real answer.

Thanks. I agree with your analysis. I asked the question here because my accountant said I "might not" be authorized to contribute to the SEP because of all the other retirement plans I contributed to this year (maxed My Roth, My wife's Traditional IRA, and the TSP).

I think I "might" need to ask/get a new accountant.

Thanks.

 

[GGal]

www.irs.gov

pub. 560

GA