IRA
Client of mine withdrew 13,000 from his SEP account with brokerage firm. Was going to manually roll over to an IRA. Changed his mind. Can he put the money back into the SEP within the 60 days and not cause a taxable event?
Client of mine withdrew 13,000 from his SEP account with brokerage firm. Was going to manually roll over to an IRA. Changed his mind. Can he put the money back into the SEP within the 60 days and not cause a taxable event?
Permalink Submitted by mk foss on Thu, 2010-03-04 17:12
Yes. All of the usual rules that apply to a traditional IRA apply to SEPs. He has 60 days to return it to the SEP or roll it to an existing or new IRA.