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Subject:  SEP transfer and 1040 Date:  2/12/2001  1:20 PM
Author:  nbg Number:  46247 of 133139

In 1999, I got a new job. When I started, my employer had a SEP; however, in January 2000 the SEP was discontinued and replaced with a SIMPLE plan. As was his custom, my employer made the 1999 (my first and last) contribution at the latest possible moment in September 2000. Since the SEP was discontinued, I immediately transferred his contribution into another existing Traditional IRA to consolidate.

My question: I've read several times on this board and in tax articles that once SEP contributions are in an IRA, the SEP designation is meaningless; it's treated as just another Traditional IRA. Therefore, do I need to report the amount I transferred out of the SEP on either line 15a or 16a of form 1040?
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