Author Topic: SEP IRA and SIMPLE IRA Possible?  (Read 4243 times)

Zach

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SEP IRA and SIMPLE IRA Possible?
« on: April 02, 2013, 02:10:54 PM »
I was wondering if anyone knows whether or not it is possible to have both a SIMPLE and SEP IRA open simultaneously, and decide at the end of each tax year which is more fiscally advantageous to contribute to?

I'm pretty certain that I can't contribute to both in the same tax year (as the owner of a business), but I thought having both may be a good option if its IRS-Permitted :)

dontvote

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Re: SEP IRA and SIMPLE IRA Possible?
« Reply #1 on: April 02, 2013, 04:09:06 PM »
I'm not aware of restrictions on opening these accounts. I have a roth, sep, traditional open now, but I pay careful attention to what I contribute to each year.
dontvote

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Zach

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Re: SEP IRA and SIMPLE IRA Possible?
« Reply #2 on: April 02, 2013, 04:47:23 PM »
I'm not aware of restrictions on opening these accounts. I have a roth, sep, traditional open now, but I pay careful attention to what I contribute to each year.

Why have a traditional and Roth open? Why not convert the traditional - so long as you're not too old, it's a much better option in most cases?

dontvote

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SEP IRA and SIMPLE IRA Possible?
« Reply #3 on: April 02, 2013, 08:54:43 PM »
Too busy pickin loans!
dontvote

Interest Radar IRR: 46.11%
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Average Loan Age: Your Moms

SkaXc0re77

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Re: SEP IRA and SIMPLE IRA Possible?
« Reply #4 on: April 03, 2013, 03:15:59 PM »
I think I want to covernt my Trad IRA (in a growth dividend paying mutul fund (XIRR 8.5%)  to a Roth IRA for the market.  Go for some long term gains.  Stick and Stay.  Theres some industries I've read about that look ready to explode and jhave already been rising the past year or so with no end in sight.  All I've read says I have not missed yet but if I hold those as a Roth IRA when they grow, the long term cap gains is FREEEEEEEEEEEE.  While the mutual fund's dividiend is only lost at 15% (the price per share has been the same since I boguht it, its purely just a constant payer since inception). As great as LC is - when I have more money id open the free Roth for this too since paying the full income rate on this is crap, but for now I'll just stick with it out in the open and play around.  Anything I make here is a bonus considering its all better then the 1% my bank gives me.