SEP IRA

Posts Tagged ‘sep ira roth ira’

Question: Can I roll a SEP IRA into a Roth?

I want to roll a SEP IRA into a Roth to make it easier to manage. I don’t have a problem paying tax on the amount rolled over. But I don’t want it to affect the annual amount I can contribute to the Roth which is $4,000. Is this possible?

Answer: For ease of rollover,
check with those who have your IRA now.

Rollovers usually are tax free transactions.

check out: – www.irs.gov – for all free forms and instructions, plus use their search sections – to get your specific questions answered.

GOD bless.
CPA-retired

Using your Roth-IRA or SEP-IRA for Real Estate Investment

Question: Will employer contributions to a SEP IRA be counted in the same category as traditional IRA contributions?

Is it possible to make contributions to a traditional or Roth IRA while your employer makes yearly contributions to a SEP IRA? I also recently married and my husband already has a traditional IRA just under his name. Would his contributions to that account factor into this equation?

Answer: You can still make contributions to your own individual traditional or Roth IRA. The SEP IRA is a totally separate work-related account. However you cannot make tax-deductible contributions to a traditional IRA, since you have a SEP. Also, you and your husband can make contributions to your own accounts, IRAs are individual accounts, not household.

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