SEP IRA

Posts Tagged ‘sep’

Question: I have a SIMPLE IRA Account that I want to transfer to another broker. What kind of IRA account do I need?

I worked for CPA and I have a SIMPLE IRA. We had 3 employees. My money was invested through First Allied where trades cost $50 and there was a $30 yearly fee.

Now I am unemployed and I want to move my account without any tax implications. I am trying to open a IRA with www.optionshouse.com. I can either open a Traditional IRA or a SEP IRA. Which do I choose? I don’t ever really plan on working for myself.

Can I convert it to a Roth IRA? How do I do this myself?

Answer: you would open either an IRA rollover or a traditional IRA. You would only open a SEP IRA if you were self employed.

You can convert to a Roth IRA at a later date if you like. You would have to contact the company where the IRA is held and ask for the appropriate forms. Remember, the year you convert from an IRA to a Roth, the amount you convert is taxable as income for the year.

Ira-Rose’s Balloon Dance – Happy 2nd Birthday, Baby!

Question: i am self employed and i contribute to SEP IRA.i would like to know is it possible to contribute to roth?

Answer: Yes you can contribute to Roth if your MAGI is under 99K for single and 156K for joint.

SEP or Simplified Employee Pension is one of the best retirement plan for a self employed business owners. There are many more benefits for opening a SEP retirement plan account rather than just a simple retirement account. We will discuss the benefits of SEP accounts or SEP Plans below. SEP rules are also tailored for business owners and that is why the Contribution limits of a SEP account under the SEP rules are much higher than average traditional retirement accounts. A SEP retirement plan is also known as a Sep Ira or Sep Ira Retirement Plan.

What is a SEP Account?

A SEP account or the Sep Ira account is a retirement account for business owners or self employed individuals. A SEP account or Sep Ira works similar to traditional IRA retirement plans in terms of contributions and distributions. However the SEP rules are more favorable for self employed business owners than traditional IRA accounts. You can learn more about SEP accounts, SEP rules and a SEP retirement plan by reading some of the following SEP retirement plan resources.