0
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)
Add your answer:
Earn +20 pts
Can you move a traditional IRA to a sep IRA?
Yes
Can you have both a SEP and a regular IRA at the same time?
Yes. Your ability to have a personal or spousal 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 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)
Do chefs get a 401K?
Any employee, regardless of the type of work he or she performs, is eligible for a 401k if the employer offers it. An employer is not required to offer a 401k, however. If an employer-sponsored plan (401k, 403b, SEP IRA, etc.) is not available, often individuals will contribute to a Traditional IRA or Roth IRA.
Can you roll your sep IRA into a 401K?
Trying to find out rules surrounding moving over a SEP to a 401(k) plan. I want to fully fund my SEP for 2013. Want to begin 401(k) starting 01/01/2014. I want to make sure that I am ERISA compliant and meeting all notices or deadlines that I must complete if I am able to do so. Thank you
What can people benefit from sep IRA?
Sep IRA is an alternative type of retirement plan. The benefits will differ depending on what your needs may be and your financial adviser will be able to give you advice based on these factors.
What IRA options can be compared to Keogh retirement plans?
The IRA options wich can be compared to Keoghs retirement plans are SEP-IRA wich both are etablished at banks or insurance companies. Differences are that Keoghs have a lot more paperwork.All contributions to a SEP are completely tax deductible.
Can you roll SEP into a Simple IRA?
A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees' and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or nonelective contributions. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SIMPLE IRA).
Can you withdraw from a sep IRA?
Yes, but there would be taxes and penalty that are incurred if not 70 1/2
Which websites carry details on SEP IRA withdrawals?
There are a few websites which offer information about SEP IRA withdrawals. One of the best sources for information is the Interal Revenue Service. Their website is a great source for those wanting to learn more about these types of withdrawals. The website American Century also offers sources for individuals wanting to learn more about retirement options.
How can you contribute to your SEP IRA?
SEP IRAs are treated as the same as any other IRA, and so can be contributed to in the same ways. No more than 25% of an employee's wages may be contributed, but if someone is self-employed, no more than 18.587045% of net profit may be contributed. The amount contributed may also not exceed $49,000 for 2010 and 2011.
What requirements need to be met in order to set up a SEP plan?
A simplified employee pension is a type of IRA set up for employees by their employer. There are three basic requirements. There must be a written agreement between the employees and their employer via Form 5305-SEP. The employees must then be furnished with information about SEP, including a copy the aforementioned form. Lastly, the SEP itself is set up with a banking or insurance institution.
When did the SEP retirement account change from 15 of AGI to 20 or more?
Agreeably, these are not my forte', but I think you really need to find out which specific type of SEP your speaking of. There are several similar ones SEP, SEP-IRA, SIMPLE, SARSEP, etc. Each is similar, but may have had different aplications and limits. From what I can see, the standard SEP limits must have been 25% for some time, albeit all these plans had a major change in about 1996. Most have Cost of Living Increase amounts. And there are a number of other restraints on each that can come into play, (like participation/availability in other qualified plans using up some of the limit). SEP 2006 limits are 25% or $44,000, for 2007 the COLA makes it $45,000. Helpful link provided
