Kennedy Center honorees and band members of Led Zeppelin (L-R) John Paul Jones, Robert Plant and Jimmy Page at the 35th Annual Kennedy Center Honors Gala in Washington, DC on December 2, 2012. Credit: Linda Davidson / The Washington Post via Getty Images. By Evan Serpick.
Hi Yasu, The government places no restrictions on contributing to both a SEP IRA and a Traditional IRA in the same year so you do not need to reduce your SEP IRA contribution to also contribute to a Traditional IRA. As you note, however, there are income limits to deducting contributions to a Traditional IRA. As this IRA contribution limit table shows, those with workplace retirement plans can only take the full deduction on a Traditional IRA if their income is less than $59k ($95k if married).
You can contribute funds to your traditional or Roth IRA at any time during the calendar year, and you can make contributions to an IRA by the first deadline for your tax return without any extensions. 1  IRA contributions for tax year 2014 are due by April 15, 2015.ollar Limits for Contributions to an Individual Retirement Account. You can contribute to a traditional IRA or Roth IRA or both. Your total contributions to either traditional or Roth IRAs for the year cannot exceed the lesser of your earned income for the year or the annual maximum amount.