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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15738
Experience:  15years with H & R Block. Divisional leader, Instructor
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I was self employed of last year. The remainder of

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I was self employed for half of last year. The remainder of the year I was employed by another company. I had been self employed for two years prior and during this time, opened a SEP 401K. Can I take a deduction credit for the 401K even though I was employed by another organization for half of the year and also participated in the company's 401K plan as well?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello You can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan).Because you are covered by an employer-sponsored retirement plan if your income exceeds certain levels, you may not be able to deduct your entire contribution.The limits for income are set by filing status.https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work The above link shows the limits.Single is $71,000 or more no deduction. Married is $118,000 or more.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.