Greeting, Photobyrob, and welcome. You wrote:<<I currently have a variable annuity with Northwestern Mutal Life Ins. The annuity was funded with 401(k) funds I needed to put somewhere after I left two previous jobs. I have not added any additional money to the account, which is currently invested 100% in the Index 500 (S&P 500 tracking fund)option of the NML program. The balance is currently around $10,000. I am self-employed, 35 yrs old, and I would like to start contributing to the account. But this means contributing after-tax dollars with no immediate tax benefits. My question is--Can I take that money from the annuity account and open a new SEP account somewhere else?>>Yes, after you have established your SEP=IRA, then you may have the annuity proceeds transferred to that IRA. Be aware that once you do that and make additional contributions to that IRA based on your self-employed income, then those proceeds will be forevermore ineligible for a subsequent transfer to a future employer's 401k plan. If you want to preserve that ability, then you should establish a separate IRA for the annuity proceeds or leave it alone entirely.Regards..Pixy
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