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nfcole
New Member

My husband rolled over from a 401K to an SEP IRA as he no longer works. Is this the same as a SIMPLE IRA? Do I have to enter this for my NJ taxes?

 
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DDollar
Level 4

My husband rolled over from a 401K to an SEP IRA as he no longer works. Is this the same as a SIMPLE IRA? Do I have to enter this for my NJ taxes?

A SEP is not the same as Simple IRA, but they are similar.  If he did a direct rollover or took a distribution and deposited the funds in the SEP within 60 days, then it is not taxable for federal or state.  He should have received a 1099-R, which will have to be reported, but just be sure to answer the question "What did you do with the money?" properly.  See screen shots below.

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DDollar
Level 4

My husband rolled over from a 401K to an SEP IRA as he no longer works. Is this the same as a SIMPLE IRA? Do I have to enter this for my NJ taxes?

A SEP is not the same as Simple IRA, but they are similar.  If he did a direct rollover or took a distribution and deposited the funds in the SEP within 60 days, then it is not taxable for federal or state.  He should have received a 1099-R, which will have to be reported, but just be sure to answer the question "What did you do with the money?" properly.  See screen shots below.

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