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.
SEP-IRA Roll-over options ?
Re: SEP-IRA Roll-over options ?
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
Re: SEP-IRA Roll-over options ?
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.
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.