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.
If you maxed out both the SEP and the Roth (assuming you had an income that allows you to do that) then you could contribute 52,000 to the SEP and 5,500 to the Roth. (or if you are over 50 years old, there are catch up contributions allowed. meaning you could contribute extra $1,000 to the Roth.