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No you cannot. SEP-IRAs are contributory in nature meaning you can make contributions to them but you cannot rollover non-SEP-IRAs (or 401k accounts) into a SEP-IRA. If your SEP IRA is likely to become substantial or you have funds in a 401(k) from a previous employer and you are an one person (or one person with a spouse) business, you should look into individual 401(k)s. All of the major financial institution and self-directed trust companies offer them. They work like a corporate 401(k) but you have complete control. They may be better than a SEP since: 1. The contribution limits are higher 2. You can borrow against the 401(k) but not a SEP 3. You can have a Roth 401(k) but you cannot make Roth contributions to a SEP 4. You can buy life insurance or invest in a S corporationin a 401(k)
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Can you roll over your sep IRA into a roth IRA?
Generally yes. Dependent on Income level. Must pay defered taxes on the SEP IRA as it transfers.
Can you roll over an SEP-IRA into an IRA?
Yes you can do that. Even you can convert it into the ROTH IRA too. For more details speak with your plan administrator. == == == == * * * * * http://www.irs.gov/retirement/article/0,,id=137864,00.html
What is the main difference between a sep ira and a Roth IRA?
A Sep IRA stands for Simplified Employee Pension IRA. Withdrawals from Sep IRA funds are taxed as if it was ordinary income. Taxes are paid at the beginning when a Roth IRA is opened. Withdrawals are not taxed so in the end a Roth IRA costs less than a Sep IRA. Both types of IRAs are great forms of investment.
Can you roll a traditional IRA into a sep IRA?
Yes, and sep to traditional as well
What is the difference between Traditional IRA and SEP IRA and ROTH IRA accounts?
Taxes are paid upon withdrawal at a later date
Can you purchase CD's in a SEP-IRA?
No, CD's are purchased in bank accounts (not brokerage) within Trad. or Roth IRA's
Are there different types of IRAs?
There are 5 different types of IRAs for you to choose from. They are: traditional IRA, Education IRA, Roth IRA, Simple IRA, and SEP IRA which means Simplified Employee Pension.
Can you have Both A Sep Ira and a Simple Ira?
Can you have both a Sep Ira and a Sep Ira?
Can a simple IRA be transfered into a roth IRA?
Converting an IRA (traditional, rollover, SEP or SIMPLE[1]) or other eligible qualified retirement plan to a Roth IRA may be more attractive and accessible than ever before. As of January 1, 2010, all investors have an opportunity to convert their retirement assets to a Roth IRA as income restrictions are going away.
Can you contribute to a SEP IRA if you are over 71?
No, you cannot contribute to a SEP IRA if you are over 71, even if you are still working. However, you can still contribute to a traditional IRA if you have earned income.
Can you have Both A Sep Ira and a Roth Ira?
Yes. Your ability to have a personal or spousal Roth IRA is a separate questions from whether you can have a SEP IRA. Anyone with earned income can contribute up to $4,000 (or $5,000 if your are 50 or over) in 2007 and $5,000 (or $6,000 in 2008) if they meet the income requirements. You must have earned income of under $99,000 for 2007 and $101,000 for 2008 for singles or $156,000 for 2007 and $159,000 for 2008 for married filing jointly. For a SEP IRA, you must have business income to contribute. You can contribute up to 25% of your business income with a limit of $45,000 in 2007 and $50,000 in 2008 (those 50 years or older may contribute $5,000 more). Thus, if you have business income, you can contribute to your ROTH IRA if you are eligible and a SEP IRA. If your SEP IRA is likely to become substantial or you have funds in a 401(k) from a previous employer and you are an one person (or one person with a spouse) business, you should look into individual 401(k)s. All of the major financial institution and self-directed trust companies offer them. They work like a corporate 401(k) but you have complete control. They may be better than a SEP since: 1. The contribution limits are higher 2. You can borrow in a 401k but not a SEP 3. You can have a Roth 401(k) but you cannot make Roth contributions to a SEP 4. You can buy life insurance or invest in a S corporationin a 401(k)
Rolling over a SEP IRA account to a CD?
You can if the CD is an alike IRA within the grace period.
