SEP IRA

Posts Tagged ‘investment’

Documentary on the 1996 IRA bomb in Manchester – ‘After the Bomb’ (2008)

Question: Can I convert my SEP IRA to a Roth IRA?

I contributed the $5000 maximum to my Roth IRA last year (2008). I also contributed an additional $2250 to a SEP IRA the same year. Can I convert the SEP to a Roth under the new 2010 rule? So, in effect I would have $7250 total in the Roth for that year. If so, can I do it now in 2009 or do I have to wait until Jan 1. 2010?

Answer: According to IRS publication 590, you can roll a SEP IRA to a ROTH, paying the taxes, but no penalty. The rollover doesn’t count as a Contribution, so the fact that you also contributed $5000 doesn’t matter.

I believe the issue is the amount of your income. For 2009, it has to be less than $100K. For 2010, there isn’t an income limit. You cannot use the 2010 rules until 1/1/2010.

Kinky Friedman Ballad of Ira Hayes

Question: I want to open a SEP IRA, rollover my 401k, and do stock trading…all with one company. Who’s the best?

I use Fidelity for my 401K, Ameritrade for my stocks, Wells Fargo for my checking accounts, INGDirect for my savings account, Chase for my credit cards and HELOC, and WaMu for my mortgage. I’m looking to consolidate a bit, so I don’t have to deal with so many different log-ins and interfaces. I also need to open a SEP IRA before the tax deadline. If I want to at least consolidate my 401K, SEP IRA, and Stock Trading with one company, what company should I go with? Schwab? Ameritrade? Fidelity? WellsFargo? ETrade? A different company? My must-haves are:
1. No/Low Fees
2. Good Customer Service
3. Intuitive Online Interface
4. Fast and easy set up (e.g. account set up, rollover, initial deposit, etc.)

Answer: Vanguard will give you the lowest fees.

Schwab will probably give you the best service.

Financial Services Fontana CA: Investments, Mutual Funds, 401k, IRA, Annuity, Life Insurance