Quote:
Originally Posted by beshannon
You need to consult your plan documentation, if the SEP is a SEP IRA then the limits would be combined for both IRA's.
Check this out before you over fund, the penalties for that are severe.
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If an employer contributes to a SEP IRA on your behalf, that does not limit your ability to contribute to your own personal IRA.
"A SEP-IRA is a traditional IRA that holds contributions made by an employer under a SEP plan. You can both receive employer contributions to a SEP-IRA and make regular, annual contributions to a traditional or Roth IRA. Employer contributions made under a SEP plan do not affect the amount you can contribute to an IRA on your own behalf." From IRS.gov.