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I am in the process of becoming more foolish. I intend to open an IRA account with a discount broker. I will then direct the broker to arrange to have the IRA shares (traditional) that I currently hold in 3 mutual funds sold and the cash transfered to my new discount broker account. I intend to convert the entire IRA to a Roth IRA. Does the sequencing and mechanics of this sound correct so far?

I am a self employed single person S-Corp. No employees but me. Is it allowable for me to setup my (newly converted to Roth) IRA as a SEP-IRA or SIMPLE-IRA ? As I understand it this would allow me to contribute potentially more than $2,000 per year to my newly established SEP-ROTH IRA. Is this correct. Is there any downside to having SEP ? Thanks in advance for any help.


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