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).
For example, you could contribute $2,500 to a Roth IRA with one provider and $3,000 with a second provider. You cannot contribute $5,500 to the first Roth IRA and $5,500 to the second provider. Your total contribution limit is $5,500 for all accounts for the tax year.dditional Roth IRA Contribution Information. Individuals may contribute money to a Roth IRA from January 1 of the current tax year to April 15 of the following tax year. Contributions are made with post-tax dollars.