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Posted by lisa on January 18, 2007, 3:22 am
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if not, can i roll it to tradition ira and then cancel sep
ira so i can set up simple ira? tia
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Posted by Harlan Lunsford on January 19, 2007, 12:42 am
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lisa wrote:
> if not, can i roll it to tradition ira and then cancel sep
> ira so i can set up simple ira? tia
You may. Set up the regular IRA and instruct custodian of
Sep IRA to transfer and close out. OR, if you're
maintaining the new IRA at same place, the former IRA may be
able to be continued while shutting down the SEP portion.
I remember when I had a KEOGH plan at one mutual fund house
I instructed them simply to close it out and roll over
proceeds into a newly created IRA. No problem.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on January 19, 2007, 12:42 am
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> if not, can i roll it to tradition ira and then cancel sep
> ira so i can set up simple ira?
A SEP is merely a way of getting money into a traditional
IRA. Once it's there it behaves as any other traditional
IRA money.
SIMPLE IRAs have special restrictions, so I don't think
you'd want to be moving money into one except as current
contributions. (I'm not sure whether it's possible to roll
non-SIMPLE funds into a SIMPLE IRA or not.)
You don't have to "cancel" anything in order to set up a
SIMPLE. You just cannot contribute to both a SEP and a
SIMPLE based on the same earnings.
See IRS Publications 560 and 590.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by kastnna on January 19, 2007, 12:42 am
Please log in for more thread options To answer your original question, I do not believe you can
roll a SEP into a SIMPLE nor can you roll an IRA into a
SIMPLE. Someone please confirm this.
Why are you looking to change plans? What are you looking
for in a plan that the SEP does not provide but a SIMPLE
does? Maybe there are better alternatives.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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