I'm a little new at this and search the archives for some info and could not find the answers, so here goes. I bought an IRA earlier this year through Fidelity. I later discovered that I would benefit from a SEP-IRA (being self employed). Can I roll over/transfer my IRA into a SEP-IRA? If not, do I max out my contribution to the IRA, and then reduce my maximum contribution to the SEP by $2,000? Thanks for the info, Doug K.
Call Fidelity and tell them you have self-employment income and would like to make your IRA into a SEP. They will send you the forms and it is done. No need to open a different account or move things around. I did this with Fidelity and it was smooth. Chris
My impression is that you may fund your IRA competely (up to $2000) and also fully fund your SEP-IRA up to max of $24,000 based on $160,000 of income. Isn't this true?Tony
Greetings, Tony, and welcome. You asked:<<My impression is that you may fund your IRA competely (up to $2000) and also fully fund your SEP-IRA up to max of $24,000 based on $160,000 of income. Isn't this true?>>Yes, that is true. However, chances are the $2K contribution will not be deductible because the SEP contribution is considered like a qualified retirement plan for that purpose. If covered under such a plan, then IRA deductibility depends on one's filing status and adjusted gross income.Regards..Pixy
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