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IRAs and Roth IRAs
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Re: Moonlighting and SEP IRA

It's great that you set aside enough of your moonlighting income to cover the taxes due on this income, and to also set aside some money for a SEP. Yes, you can contribute to a Roth IRA and a SEP IRA the same year.

I would actually recommend that you contribute to your employer's 403b or 401k account in addition to the Roth IRA. One benefit of these salary deferral arrangements is that you can borrow against money in your 401k or 403b accounts if you need to access that money to purchase a home or for some other financial matter. You can never borrow against money in a SEP.

Keep up the good work with saving money in these creditor-protected, tax-advantaged accounts. The earlier you start saving, the better.

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