Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi, yes all tax-deferred IRAs, including Traditional, Rollover,SIMPLE, SEP, and SAR-SEP IRAs, are eligible for a Roth IRA conversion (With one caveat - SIMPLE IRAs may not be converted until two years from the date the account owner first began participating in the plan). Further the SARSEP, along with all of the others must be counted
When IS references SEP, Salary Deduction SEPs are included ... Understanding that any money contributed as a salary deferral AS WELL AS contributions by an employer being completely vested and under the control of the Owner of the SARSEP helps to explain ....
The way ine when dollars were contributed to a SEP don't change the nature of the SEP as it exists today
Hope this helps
I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)
Please let me know if you have any questions as all ...
Lane, it seems to me the SARSEP is more like a 401K, as the money going in does not count against the $5000 contribution limit, so then
why does it need to be counted as a IRA balance?
Lane, not the answer I was looking for, but lets me know what direction
to go with my client, thanks.
Thanks for the rating Sam! Still looking for something specific, in terms of a reg or something that can be cited.Now it's a quest!Lane
Thanks Lane, that should do it.