Hello. A question regarding IRA (SEP-IRA) conversion to Roth. I have always been a W-2 employee, however last year (2004), I was laid off and worked as a 1099 consultant for about 9 months. I am now a W-2 employee again. I rolled over my former employer's 401(k) into a rollover IRA account. I also have a Roth IRA which I have been contributing to for several years. My tax preparer has advised me to open a SEP-IRA for 2004 and fund it with about $5,000. I also made a $4,000 Roth contribution for 2004. I have no intentions of working on 1099 again, so I will most likely not be able to add further funds to the SEP-IRA which I am opening. Do I have to leave this SEP-IRA as a seperate account, now having three IRA accounts (Rollover, Roth and SEP), or can I somehow merge the SEP into my Rollover, or convert it and MERGE it with my Roth. I'm not looking to convert it to a "SEP-ROTH", if such a thing exists. In short, I'd rather not have a third IRA open. I'd like to somehow merge the SEP with either my traditional (rollover) IRA or my Roth. Please let me know if this is possible, and also how long I would need to wait after opening the SEP before I could convert/merge it with one of my other IRA's. Thanks! Andy5000@(nospam)juno.com
- posted
19 years ago
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