SEP and IRA
my client, who is 77 and still working, has a SEP and an IRA. He makes contributions to the SEP based on his Schedule C income.
Can he combine these accounts? (SEP to IRA or IRA to SEP)?
my client, who is 77 and still working, has a SEP and an IRA. He makes contributions to the SEP based on his Schedule C income.
Can he combine these accounts? (SEP to IRA or IRA to SEP)?
Permalink Submitted by Alan - IRA critic on Tue, 2018-10-16 16:04
He could direct transfer the TIRA to the SEP IRA, but not SEP to TIRA until after he retires for good and is no longer making SEP contributions. Currently, he must take RMDs for both accounts and can aggregate them in any combination between the SEP IRA and the TIRA.