Both ROTH & SEP in one bank account ?
I am told by the company that prepares IRA LLC for check book IRA that I can have one account for both SEP and ROTH IRA accounts, and just the book keeping separately. The custodian company is okay with that too.
Could you please let me know the pro and cons of having both ROTH and SEP in one account. I am willing to pay for separate accounts, if that’s a better option.
I look forward to your advice/suggestions.
Thanks
Ben
Permalink Submitted by Jose Morales on Fri, 2015-04-03 15:39
I would start by clarifying who your IRA Custodian is and verifying with them if this setup is ok. The company that prepares your IRA LLC is not an IRA Custodian, they are in the business of earning fees for establishing LLCs for the purpose of holding IRA assets. They may call themselves “facilitators” or “administrators” but all that matters is who your Custodian is. They are the ones with the reporting responsibility for your IRA and they would be the ones tasked with the job of keeping tabs of which portion of your account holds SEP assets versus Roth assets. If they have found a way to do this, or have found a way to charge fees that make it worth their trouble then that is the choice they have made. I would prefer to keep those two types of IRA funds completely separate myself.
Permalink Submitted by Ron Moskola on Fri, 2015-04-03 19:49
Thank you so muchBen