Hello again. This being my first year (2007) self employed, I opened a SEP-IRA and put 20% of my self employment income into it, right about $5500.
Having done that, can I still put 4k into a ROTH IRA for 2007?
And, I sure though I understood every publication to say that 20% was the max contribution for a self employed contractor (with some upper limit that is of no concern to me). However, Turbotax really has the entry very convoluted, and seemed to be letting me enter my entire earnings. Could someone confirm the 20% max for me?
Thanks.