I have a Roth IRA maxed out and a 403b maxed out, can I start a SEP IRA?

[sadowsk1]

I'm married and both my wife and I work fulltime.  This year I started my own business in addition to working fulltime.  I made some good money with my business and now I'm trying to reduce our taxable income.  Both of our Roth IRA's are maxed out for the year as well as both of our 403b's.   I was hoping to start a SEP IRA but I wasn't sure if maxed out contributions with the other two retirement accounts conflict with this at all or if I can go ahead and start a SEP IRA.  If anyone has experience with something like this any advice would be appreciated.

[SeattleCPA]

You can probably do a SEP-IRA. The percentage is sorta modest. If you're operating as a sole proprietorship, roughly 20 percent of 92.35% of your Schedule C profit.

The SEP-IRA will mean you've covered by at least one qualified retirement plan. That doesn't sound like something that'll matter in your case. Sometimes (so perhaps for some readers?) it will, though.

P.S. Probably doesn't apply to your situation, but some interplay exists between your SEP contribution limit and other pension plans. Details here: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps#contributions But the actionable insight: Maybe have tax software or tax accountant calculate the right amount?