I have a SEP IRA that I contribute to as self employed.

My accountant told me a few years ago i could not contribute to a Traditional IRA also. (Something about it having to do with a pension)



https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps

Thats what the IRS says. Anyone here have both that they contribute to?

No one knows apparently.

@far_right
I would probably reach out to the IRS and ask their opinion and document their response. It’s tricky because an individual can have their own separate account even if they have a SIMPLE IRA through their employer.
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But an employer cannot offer any other plans if they offer a SIMPLE IRA.
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If you’re self employed the question comes down to if the IRS sees you as the employer or the employee.  I would think if the additional account you want to set up had no connection to or contributions from your business it’d be ok but I’d check first.

Some decent examples at that link posted.

Traditionally the gubment has allowed for employment sponsored and individual contributions to coexist but there are a few exotic cases, probably.


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