Can I contribute to SEP IRA and traditional IRA?

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canuck_girl999
Posts: 17
Joined: Thu Jun 08, 2006 2:39 pm

Can I contribute to SEP IRA and traditional IRA?

Post by canuck_girl999 »

I am a 1099 and about a month ago, I sent in my $4,000 for 2006 traditional IRA and another check for $4,000 for an early contribution towards my 2007 traditional IRA.

Then I found out I could contribute about $22K to a SEP-IRA for 2006.

So, I opened a SEP-IRA account. I then contributed the $22K to the SEP-IRA, but now don't know if I have to pull out the 2006 traditional IRA contribution and if so, how do I do it?

Also, the same for the early 2007 traditional IRA contribution if I want to SEP again in 2007?

Thanks for any help as I'm just not sure.
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