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Author: MVgirl Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: SIMPLE or SEP IRA? Date: 1/8/2001 10:28 AM
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I too am tossing the IRA ?'s around for this limbo period of 1/01=3/15, & what I can still do.

I'm single & selfemployed(carpenter) & never will have employees & make under $25K & most likely less from here on out,ageing. I sold some property & took alot of time off this yr. to put my time & money into my home. (I'm ageing fast & "service" people are leaving The Island more & more).

I have had Trad IRAs at Vanguard all along. I received a 10k "gift" 10/15 this yr from my father, "to hopefully use to invest with"(I have, in stocks, OH what FUN so far?). I maybe will be reciveing the "gift every yr. I won't/don't ask, but I know there is a good chance there will be a good size inheritance 30+ yrs down the road.

Why I decided to use it for the 2K 2000 ROTH(stocks) & to cover the Taxes converting $10K of Trad IRA $ to ROTH for yr 2000 now.

Can I still start a SIMPLE or SEP yet for yr 2000 up til 3/15? I would only be allowed 1K or so, from not really having much working(income)this yr, & if so which one is the best for me?
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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27025 of 76237
Subject: Re: SIMPLE or SEP IRA? Date: 1/8/2001 12:26 PM
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Can I still start a SIMPLE or SEP yet for yr 2000 up til 3/15? I would only be allowed 1K or so, from not really having much working(income)this yr, & if so which one is the best for me?

The deadline for establishing a SIMPLE is October 1, so you can't do that for 2000. To read about the SEP, which you can fund for year 2000, and your choices for 2001, get IRS Publication 560.

TMF ExRO
Phil Marti

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