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#2
04-07-2004, 10:25 AM
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 Re: rolling late spouse's SEP into my Roth Jim Beaver wrote: - quote - > I've discussed the closing of my recently deceased wife's
If you do that, it will be immediately taxable. Simply roll> SEP-IRA with my attorney. He says I should roll it over > into my own Roth IRA. it over (provided YOU are the beneficiary!) into your own taxable IRA. Later you can make better decisions. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-07-2004, 07:51 AM
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| Re: rolling late spouse's SEP into my Roth "Jim Beaver" <jumblejim[at]prodigy.spam> writes: - quote - > I've discussed the closing of my recently deceased wife's
My condolences on your loss.> SEP-IRA with my attorney. He says I should roll it over > into my own Roth IRA. > A. How does this work? Your deceased wife's SEP-IRA is a traditional IRA account which can be rolled into your traditional IRA (existing or new) without tax consequence. In order to get it into a Roth IRA you would have to "convert" all or a portion to Roth. - quote - > B. What if I'm already making too much to make a
Then you're probably making too much to do a conversion,> contribution to my Roth? although there's a $5,000 difference between the income limit for a single person's Roth contributions and Roth conversions. Details are in IRS Publication 590. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-07-2004, 07:51 AM
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| Re: rolling late spouse's SEP into my Roth "Jim Beaver" <jumblejim[at]prodigy.spam> wrote: - quote - > I've discussed the closing of my recently deceased wife's
First, condolence to your lose.> SEP-IRA with my attorney. He says I should roll it over > into my own Roth IRA. > A. How does this work? Call the administrators of your wife's SEP-IRA and your own Roth IRA. They can do it. It's simple. - quote - > B. What if I'm already making too much to make a
You are rolling from one account into another, not> contribution to my Roth? contributing more into your account. So no problem. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-05-2004, 08:10 PM
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| rolling late spouse's SEP into my Roth I've discussed the closing of my recently deceased wife's SEP-IRA with my attorney. He says I should roll it over into my own Roth IRA. A. How does this work? B. What if I'm already making too much to make a contribution to my Roth? Jim Beaver << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| late, rolling, roth, sep, spouse |
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