Rules for SEP in ROTH CONVERSION
If an individual has both an IRA and a SEP that he is still contributing to, can he convert both items into a single ROTH IRA (paying the taxes) and then continue to contribute to the SEP and IRA (assuming his income is too high for direct ROTH contributions)?
Permalink Submitted by Alan Spross on Fri, 2010-02-19 21:47
Yes, he could convert from both SEP and TIRA accounts into the same Roth, but they would be considered separate conversions. Regular contributions could continue to the SEP and the TIRA accounts, but the TIRA regular contribution may not be deductible since the SEP is considered an employer retirement plan. As for Roth conversions, all income limits for those ended in 2009.