First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
-Yasu. 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.