I have a second job working on W2 as a contractor, am I eligible to invest in a sep-iRA? Both my first and second employer offer 401K's. How does this all effect my options for investing in a sep-iRA?
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.Sign up to join this community
If you are a W2 employee, you are not self-employed. You might be able to deposit to a traditional IRA (2021 numbers) -
For single taxpayers covered by a workplace retirement plan, the phase-out range is $66,000 to $76,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $105,000 to $125,000.
If you are above this limit, you can still deposit, but not deduct the deposit. You can then convert to Roth, if you wish.