The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: Mappocalypse on April 05, 2017, 05:12:24 PM
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Long time lurker, first time poster here.
I've been trying to read up on the rules regarding contributions to Traditional IRA/Roth/SEP-IRA and the IRS site is not that clear on my situation.
So without giving too much information, I have a regular job that issues W-2 and multiple side jobs with 1099s.
I already contribute 15% of my pay from my regular job to the company 401k (which matches 3%), and I contributed 25% of what I made from my combined 1099s into a SEP-IRA.
The question I have is that, even with the above contributions going on, would I still be allowed to contribute 5500 into a Roth IRA?
I get conflicting answers in numerous places, and seeing that many people here would probably have multiple jobs, they would be knowledgeable about this situation.
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See 403B, Traditional IRA, HSA, and SEP IRA (https://forum.mrmoneymustache.com/investor-alley/403b-traditional-ira-hsa-and-sep-ira/) and
SEP Plan FAQs - Contributions (https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions).
In short, "yes".
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Thank you!
I was confused since last year, my CPA had told me that I was disallowed from contributing to my Roth, but looking back, my income was above the allowable threshold.