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).
How to Contribute to a Roth IRA. As long as you or your spouse work, you can contribute to a Roth IRA (Individual Retirement Account). Itâs almost as simple as that. Fewer limits and restrictions make it easier to contribute to a Roth IRA than to a traditional IRA.