"Nospam" <nospam[at]nospam.com> wrote:

- quote -

1. Find a new accountant.

2. SEP is just a way of getting money into a traditional
IRA. Once the money is there, the traditional IRA (under
tax law) is just like any other traditional IRA. Vanguard's
requirement is Vanguard's requirement, not one of tax law.
I've heard that Fidelity can't deal with SEP contributions
that go into something that's not labeled a SEP account;
Ameritrade has no such problem.

--
Phil Marti
Clarksburg, MD

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I have a question. I once owned a company and I opened a
SEP IRA back in 1998 and contributed some money to it. I
recently sold off my portion of the business to my business
partner and started a new corporation. I would like to know
if it is possible to simply start contributing to that same
IRA through my new corporation. I contacted Vanguard in
this case and they indicated that all I would have to do is
write a letter to them indicating what the new company name
is and they would change the name on the account. From what
I understand the SEP IRA is owned by me personally so I did
not think it was a big deal.

However, my accountant is unsure and does not think I can
contribute to this old SEP IRA since it is somehow
"attached" to the old corporation (C-Corp by the way). The
new company is an S-Corp.

Does anyone have any input on this?

Thanks for any feedback.

Dave

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