249964
If I, being self-employed, contributed max-allowed $X (in 2019 for year 2018) to a SEP IRA account and a max-allowed $5,500 to a Roth IRA, can I (immediately/in 2019) initiate a Trustee-to-Trustee transfer of the $X from the SEP IRA to a separate Traditional IRA, without a penalty/rollover/recharacterization/$X being counted as an individual IRA contribution for either 2018 or 2019?
Basically, each year, I would like to immediately move/merge contributions made to a SEP IRA to an existing Traditional IRA, but the institution with which I hold the SEP, Roth, and Traditional IRAs cautioned such transfer might count the SEP contribution as a Traditional contribution, and since I already contributed to either the Roth or Traditional IRA, the transfer would be an excess contribution. (But the agent said she was not a tax expert.)
You'll need to sign in or create an account to connect with an expert.
a trustee-to-trustee transfer is not a contribution.
a transfer from one account to another of the same type with the same custodian would not generate any tax paperwork.
I think your action would be treated as a Rollover.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
vicente
Level 3
user17538294352
New Member
catdelta
Level 2
tcondon21
Returning Member
march142005
New Member