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#2
03-21-2005, 07:40 AM
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 Re: SEP Conversion/Merge with Roth or Traditional IRA? <Andy5000[at]juno.com> wrote: - quote - > Hello. A question regarding IRA (SEP-IRA) conversion to
Not under tax law. You can make SEP contributions to any> Roth. > I have always been a W-2 employee, however last year (2004), > I was laid off and worked as a 1099 consultant for about 9 > months. I am now a W-2 employee again. > I rolled over my former employer's 401(k) into a rollover > IRA account. I also have a Roth IRA which I have been > contributing to for several years. > My tax preparer has advised me to open a SEP-IRA for 2004 > and fund it with about $5,000. I also made a $4,000 Roth > contribution for 2004. > I have no intentions of working on 1099 again, so I will > most likely not be able to add further funds to the SEP-IRA > which I am opening. > Do I have to leave this SEP-IRA as a seperate account traditional IRA account. Note that this may upset your custodian's bureaucratic sensibilities. Either find a new custodian that realizes it's your money, not theirs, or open a new account then roll it into your traditional IRA. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-21-2005, 04:48 AM
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| Re: SEP Conversion/Merge with Roth or Traditional IRA? "Andy5000[at]juno.com" <Andy5000[at]juno.com> wrote: - quote - > Hello. A question regarding IRA (SEP-IRA) conversion to
That's pretty good seeing as how the limit is $3,000.> Roth. > I have always been a W-2 employee, however last year (2004), > I was laid off and worked as a 1099 consultant for about 9 > months. I am now a W-2 employee again. > I rolled over my former employer's 401(k) into a rollover > IRA account. I also have a Roth IRA which I have been > contributing to for several years. > My tax preparer has advised me to open a SEP-IRA for 2004 > and fund it with about $5,000. I also made a $4,000 Roth > contribution for 2004. - quote - > I have no intentions of working on 1099 again, so I will
You can merge it with the IRA (roll it) or convert it to a> most likely not be able to add further funds to the SEP-IRA > which I am opening. > Do I have to leave this SEP-IRA as a seperate account, now > having three IRA accounts (Rollover, Roth and SEP), or can I > somehow merge the SEP into my Rollover, or convert it and > MERGE it with my Roth. I'm not looking to convert it to a > "SEP-ROTH", if such a thing exists. > In short, I'd rather not have a third IRA open. I'd like to > somehow merge the SEP with either my traditional (rollover) > IRA or my Roth. > Please let me know if this is possible, and also how long I > would need to wait after opening the SEP before I could > convert/merge it with one of my other IRA's. Roth. The timing is up to the brokers. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-18-2005, 12:26 PM
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| Re: SEP Conversion/Merge with Roth or Traditional IRA? Andy5000[at]juno.com wrote: - quote - > Hello. A question regarding IRA (SEP-IRA) conversion to
You can rollover a SEP-IRA into an IRA.> Roth. > I have always been a W-2 employee, however last year (2004), > I was laid off and worked as a 1099 consultant for about 9 > months. I am now a W-2 employee again. > I rolled over my former employer's 401(k) into a rollover > IRA account. I also have a Roth IRA which I have been > contributing to for several years. > My tax preparer has advised me to open a SEP-IRA for 2004 > and fund it with about $5,000. I also made a $4,000 Roth > contribution for 2004. > I have no intentions of working on 1099 again, so I will > most likely not be able to add further funds to the SEP-IRA > which I am opening. > Do I have to leave this SEP-IRA as a seperate account, now > having three IRA accounts (Rollover, Roth and SEP), or can I > somehow merge the SEP into my Rollover, or convert it and > MERGE it with my Roth. I'm not looking to convert it to a > "SEP-ROTH", if such a thing exists. > In short, I'd rather not have a third IRA open. I'd like to > somehow merge the SEP with either my traditional (rollover) > IRA or my Roth. > Please let me know if this is possible, and also how long I > would need to wait after opening the SEP before I could > convert/merge it with one of my other IRA's. You can convert a SEP-IRA to a Roth IRA. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-17-2005, 06:13 AM
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| SEP Conversion/Merge with Roth or Traditional IRA? Hello. A question regarding IRA (SEP-IRA) conversion to Roth. I have always been a W-2 employee, however last year (2004), I was laid off and worked as a 1099 consultant for about 9 months. I am now a W-2 employee again. I rolled over my former employer's 401(k) into a rollover IRA account. I also have a Roth IRA which I have been contributing to for several years. My tax preparer has advised me to open a SEP-IRA for 2004 and fund it with about $5,000. I also made a $4,000 Roth contribution for 2004. I have no intentions of working on 1099 again, so I will most likely not be able to add further funds to the SEP-IRA which I am opening. Do I have to leave this SEP-IRA as a seperate account, now having three IRA accounts (Rollover, Roth and SEP), or can I somehow merge the SEP into my Rollover, or convert it and MERGE it with my Roth. I'm not looking to convert it to a "SEP-ROTH", if such a thing exists. In short, I'd rather not have a third IRA open. I'd like to somehow merge the SEP with either my traditional (rollover) IRA or my Roth. Please let me know if this is possible, and also how long I would need to wait after opening the SEP before I could convert/merge it with one of my other IRA's. Thanks! Andy5000[at](nospam)juno.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| conversion or merge, ira, roth, sep, traditional |
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