60 day payback of distribution from IRA
I have a client who took an early distribution from his regular IRA. The account was closed. He has a SEP IRA still open. Can I replace the funds he distributed from the regular IRA into the SEP IRA? I dont think you can rollover a regular IRA into a SEP but I was hoping I could put this money back in the SEP.
Permalink Submitted by Jose Morales on Wed, 2011-03-09 21:17
The “SEP” IRA is really just a traditional IRA that has received SEP contributions. There is no problem completing the rollover into the SEP account, provided that the funds are in fact eligible for rollover.