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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120780  
Subject: Re: How do I start a SEP/IRA? Date: 12/11/1997 4:07 PM
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<<I'm thinking of starting a SEP/IRA, but am ignorant of what I have to do to get one started. Is it
simply a matter of filling out an application with my on-line broker? Or do I need some official proof
that I was really self-employed? >>

Well, the big question is your eligibility regarding the SEP/IRA. If you are simply selfed employed, and have no other employees, it should be a simple procedure. Your broker will probably not give you any problem whasover...since the liability for screwing up doesn't lie with the broker, but with YOU. If you open a SEP, and are not qualified to do so, it's YOUR problem with the IRS...and not the brokers problem. So I doubt that the broker will be a factor.

You might want to check out IRS Publications 560 and 590 regarding self employed pension plans. You might also want to check out IRS Form 5305-SEP and instructions to review your eligilibility.

You can view/download these pubs and forms via the IRS web site at: http://www.irs.ustreas.gov

TMF Taxes
Roy
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