SEP-IRA or Solo 401k?
Have both SEP-IRA and Solo 401k – Retired and no longer contribute to either. Would like to consolidate by rollover of one into the other. Which should be kept from a flexibility, tax and/or other advantage standpoint?
Thanks,
Bo3b
Permalink Submitted by Alan - IRA critic on Thu, 2021-07-15 17:00
If you are retired for good, you cannot keep a solo K indefinitely, maybe a year max, so you should retain the SEP IRA, which is just a TIRA with special contribution limits. I assume you do not have any other non Roth IRAs or any IRA basis from past non deductible contributions. If you do, please advise.
Permalink Submitted by Bob James on Fri, 2021-07-16 14:49
No other non-Roth IRAs. Who governs the “cannot keep a solo K indefinitely” and what is the penalty for not abiding by whatever “rules” are in place? From what I can see via administrator, there is very little oversight and/or reporting…Thanks for the reply.