Sep Ira Employer Contribution Deadline

February 29th, 2008

Question: Can I open a SEP IRA if my wife has a 401k at work?

My wife makes over $125k per year and receives a w-2 from her employer. She contributes to a 401k through her employer. I am a self employed consultant, sole proprieter with NO employees and receive 1099’s from my clients. I earn about $80k/year. I know any standard IRA Contribution by either of us is not tax deductible since she is in the 401k but if I open a SEP IRA are my contributions, tax deductible? Also, can I still open a SEP IRA before the filing deadline of April 15?

Answer: Yes, You can
the max you could contribute to your SEP IRA is 49,000.00
Your wife could max out her 401k at 16500.00