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<< Question: Can the taxpayer transfer the traditional IRA's into his SEP-IRA account without any negative tax implications or penalties?

FYI, the fund companies said yes, the broker said no, the CPA said maybe, and the IRS said no. Now, I've heard the IRS is often wrong on these matters and isn't the best place to seek advice. >>

Well, I'll go with the fund companies and the CPA, with the broker on the side. The IRS is the only one I can think of that is wrong under any assumptions.

Are you sure you asked the same question of everyone? You can transfer IRA assets from one account to another without any tax or penalty. Perhaps your broker won't accept the funds that you currently own and thought that was what you wanted to do. If you do a trustee-trustee transfer of the cash value of those funds and the broker won't accept the cash, find a new broker. Perhaps your CPA was thinking about rollovers and the fact that if you mess something up, you pay.

Phil Marti
Tax Preparer
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