I am an independent contractor and get the majority of my income as 1099. I have both an SEP and Roth IRA that I have contributed to in the past, but I would really like to ramp up my retirement savings this year.
I know my SEP contribution limit is 25% of my income and the Roth limit is $5,500 for 2014. I have yet to contribute anything to either account for 2014. Am I allowed to contribute the max to my Roth and then also make an SEP contribution in addition to that?