BluCSGO

Hello Reddit! I believe this question has been asked many times, but I still do not quite fully understand the yearly max deduction limit.

Scenario:

• I am a sole proprietor with 0 employees. My filing status is married filing jointly. I make yearly contributions to a Traditional IRA for my wife and me up to the contribution limit.

• I would also like to open a SEP-IRA and contribute up to the max to help with tax liability. Can I deduct both the SEP-IRA contributions and Traditional IRA contributions from my Schedule C?

Here is what I understand:

• As a sole proprietor, I can contribute to a SEP-IRA and deduct those contributions as a business expense. The contribution limit f

Hello Reddit! I believe this question has been asked many times, but I still do not quite fully understand the yearly max deduction limit.

Scenario:

• I am a sole proprietor with 0 employees. My filing status is married filing jointly. I make yearly contributions to a Traditional IRA for my wife and me up to the contribution limit.

• I would also like to open a SEP-IRA and contribute up to the max to help with tax liability. Can I deduct both the SEP-IRA contributions and Traditional IRA contributions from my Schedule C?

Here is what I understand:

• 1. As a sole proprietor, I can contribute to a SEP-IRA and deduct those contributions as a business expense. The contribution limi

Local to DFW area. Timestamp: https://imgur.com/a/HTQTcxR

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