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CAN A SEP IRA BE ROLLED INTO A ROTH IRA? IN CONNECTICUT, I

Customer Question
CAN A SEP IRA BE...
CAN A SEP IRA BE ROLLED INTO A ROTH IRA?
JA: What state are you in? It matters because laws vary by location.
Customer: IN CONNECTICUT
JA: Has anything been filed or reported?
Customer: I don't understand your question
JA: Anything else you want the lawyer to know before I connect you?
Customer: All the tax advantages of a Sep IRA
Submitted: 5 months ago.Category: Tax
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Customer reply replied 5 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
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6/18/2017
Tax Professional: emc011075, Tax adviser replied 5 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,242
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Yes, you can rollover Sep IRA into Roth IRA but the entire amount will be included in your taxable income in that year. Depending the amount you may want to consider splitting the conversion between 2 or more years.

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Customer reply replied 5 months ago
You pay the taxes now but when you withdraw money for retirement it is tax free. Is this correct?
Tax Professional: emc011075, Tax adviser replied 5 months ago

That's correct. As long as you have it at least 5 years and are 59 1/2 the entire distribution is tax free, original investment plus the earnings.

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Tax Professional: emc011075, Tax adviser replied 5 months ago

Any questions? Is there anything else I can help you with today?

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Customer reply replied 5 months ago
NO. I'm finished. Cancel the call back.
Customer reply replied 5 months ago
Please cancel the phone call.
Thank you
Paul Rubenstein
Tax Professional: emc011075, Tax adviser replied 5 months ago

Ok. I will.

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Customer reply replied 5 months ago
Please cancel the call back
Tax Professional: emc011075, Tax adviser replied 5 months ago

I already notified the customer service. I cannot do it from my screen.

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emc011075, Tax adviser
Category: Tax
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