I've colied the email from my accountant:
"You will receive a refund on your Federal of $44 and owe on your State return $1,080. If you made a $5,500 deductible IRA contribution by April 15th, you will receive a refund on your Federal of $975 and owe on your State $695. However, I would not contribute more than $911 to a deductible IRA. If you want to contribute more for your retirement in 2014, the remainder I would contribute to a non-deductible Roth account. When you get a chance, you can call me and we can discuss."
I sort of understand the fact that if I take the hit now by putting money into a Roth, I'm helping my future self out. But damn, that's a pretty big swing if I only put 5500.00 into my SEP.
Thoughts? (I haven't called him yet, I just got the email late last night)
Jon