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|Subject: Transfer SEP IRA to Roth?||Date: 7/9/2002 3:41 PM|
|Author: Hillmp||Number: 34804 of 75540|
I'd only been at my workplace for a little over a year, when they set up a new retirement plan (401K) that effectively replaced the old plan (SEP IRA). That is, they would no longer make contributions into the old plan.
I had received some money into the SEP IRA that I had left in cash as the market dropped.
I have the option to transfer the money into the 401K. But given the greater investment flexibility, I'm wondering if I could transfer it into a Roth IRA?
I realize I would have to pay taxes on the amount. Are the any other costs or penalties involved with such a transfer?
Any pros or cons you can think of?
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