Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I work for a small business. My employer has a SEP IRA for himself with American Express Financial Services. This year, my employer will begin to fund my SEP IRA. American Express sent me some paperwork to establish a SEP IRA account. I spoke with an American Express represetative and he told me that I had to establish my SEP IRA account with American Express and that I had to use an American Express broker to buy and sell equities within the account. Does anyone know whether I'm required to use American Express simply because my employer chose to use them for his SEP IRA?

I originally posted this question on the "Ask a Foolish Question" board but TMFKaren suggested that I ask the tax Fools so here goes. Thanks!

Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement