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Author: Crosenfield 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 124931  
Subject: Re: sep ira - new brokerage account? Date: 4/13/2001 7:43 PM
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"must I open a new traditional IRA account with my online broker, or can I put the money into my existing traditional IRA account"

You can use the same account, but your broker has to know that you have self-employment money and you want your account to be a SEP. You have to fill out some forms that indicate whether you have employees and if so what criteria you use to determine which employees are eligible. SEP money is officially contributed by the employer; when you are self-employed your employer is you, and there isn't necessarily anyone else involved.
You can contribute much more than $2000 a year to a SEP, so your custodian needs to know why you are sending several $1000 checks in a year--or whatever.
In addition to SEP money you can continue to contribute $2000 a year of traditional IRA money to the same account.
Best wishes, Chris

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