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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

Customer Question

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. 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.