irr:

No, this is not an irrational "worry" question. Siebert has said they can transfer (rollover) the Keogh into a SEP-IRA, however, they have "cautioned" me that doing so may trigger excessive extra taxes and possibly penalties. According to their current information, any time I take a distribution from my current Keogh, an automatic 20% tax payment is made to the IRS, whereas the tax isn't even due until next year. I want to get away from this and control my own tax reporting/accounting as I did with Schwab. We own several real estate ventures that provide good tax shelters which lowers our overall tax burden considerably.

I am seeking accurate information to see if: 1) a rollover of a Keogh to a SEP-IRA within Siebert's brokerage is possible without triggering any of their "scare" extra taxations, and 2) If then the SEP-IRA can logically take the place of our former 401k, e.g., that distributions can be then transferred into our brokerage account for which I have checks. I understand that IRA's are never automatically "raided" by brokerages regarding the distribution tax, but are provided with an optional yes/no question regarding tax withholding.

We have large property taxes due, and they are withholding 20% of our Keogh distributions with which we intended to pay these taxes.!!! You see the problem......

I need help on this question, Fellow Fools, ASAP if not sooner.

Cress