First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
Yes. Your ability to have a personal or spousal Roth IRA is a separate questions from whether you can have a SEP IRA. Anyone with earned income can contribute up to $4,000 (or $5,000 if your are 50 or over) in 2007 and $5,000 (or $6,000 in 2008) if they meet the income requirements.