SSI to SEP

Submitted by James Sheehan on Fri, 2014-12-05 20:32

I am 67 and took a back pay for SSI for x amount of dollars. I did not realize the tax consequences at that time. The distribution was sent to my checking account. I have a total of earned income (which includes the distribution) of 91,000. Can I roll that distribution to a SEP IRA? I am the owner of my business.



Submitted by Alan - IRA critic on Fri, 2014-12-05 23:39

Are you sure you do not mean SSDI?  SSI is not taxable and 91k sounds way too high for SSI. SSI explained here: http://www.ssa.gov/ssi/

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