SEP-IRA Roll-over options ?

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RIMDBogle
Posts: 381
Joined: Thu Jul 12, 2018 10:13 pm

SEP-IRA Roll-over options ?

Post by RIMDBogle »

SEP-IRA Roll-over options ?
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Thanks for weighing in to my threads and seeking insights from this forum.

I have a SEP-IRA account and I am not making any contribution to it. I am 65+ and working.

I know, I can roll-over this SEP-IRA into TIRA.

Are there any options to get this money into my Roth_IRA?

Thanks for sharing.
spectec
Posts: 1828
Joined: Mon Jul 14, 2014 8:00 am

Re: SEP-IRA Roll-over options ?

Post by spectec »

Only if you're prepared to pay the tax on the transaction.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers
billaster
Posts: 2932
Joined: Wed Apr 27, 2022 2:21 pm

Re: SEP-IRA Roll-over options ?

Post by billaster »

Your SEP is just like any other IRA. You can roll over your SEP directly into a Roth just like a traditional IRA. If have your SEP and your Roth at the same brokerage, you should be able to do this on line with a couple of clicks by just exchanging from SEP to Roth. You will probably get a pop up warning about possible taxes.

As mentioned, you will have to pay taxes on the conversion just as you would for a traditional IRA. Also note that if have any after-tax contributions in your traditional IRA, you have to pro-rate your SEP conversion by combining totals of all IRAs, including the SEP using IRS Form 8606.
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