I received the following message from Fidelity (with whom I have both Roth and SEP IRA accounts):
NOTE: SECURE 2.0 Act was signed into law on December 29, 2022. For 2023, if contributions were made to a SEP or SIMPLE IRA on your behalf, those contributions could potentially reduce the amount you can contribute to your Roth IRA.
I receive a check twice a year from my employer for contributions to my SEP IRA, which I send to Fidelity. The check and contribution are directly from my employer to my SEP IRA account. Does this count as "contributions made to a SEP or SIMPLE IRA on [my] behalf"?
If so, how should I understand the message Fidelity sent me? It's worth noting that I contribute to my Roth IRA regularly in addition to the SEP IRA contributions I receive from my employer.
I understand that SECURE 2.0 created what amounts to a Roth SEP IRA option, but so far I have no contributed to a Roth-classified SEP IRA, only to my SEP IRA that existed prior to the passing of SECURE 2.0, so even without understanding what this message is getting at I think I'm in the clear, but wanted to double check. I don't have any plans in the near term to avail myself of a Roth SEP IRA option, but it is something I'm keeping my eye on as they begin to roll out and will consider whether it makes sense for me.