Traditional IRA to SEP IRA position transfer
I did a direct transfer of my SEP IRA from a previous provider in to a Traditional IRA at a new firm. I now want to transfer this Traditional IRA in to a SEP IRA still at the new firm. Are there any tax consequences I should be aware of by doing this? Is there any reporting I’ll need to do?
Permalink Submitted by Alan - IRA critic on Thu, 2015-07-09 16:43
The SEP is treated like a regular TIRA for transfer or rollover purposes. As long as you use direct trustee transfer, there is no limit on the number of transfers you can do, and these are not reportable. If you used a 60 day rollover, you are only allowed one such rollover in a 12 month period for all your IRA accounts.