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.
Can I contribute to SEP IRA and traditional IRA?
Moderator: Mark T Serbinski CA CPA
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