Accounts used for total calculation
L1: Accounts used for total calculationThis seems like a simple question, but I couldn’t find a definitive answer.
I have 2 IRAs in my name and my wife has 1 IRA with me as the primary beneficiary.
Can I use the sum of all 3 accounts for my Total IRA Value, or can I just use the 2 which are in my name?2013-03-28 19:08, By: shabermann, IP: [126.96.36.199]
L2: Accounts used for total calculationYour IRA accounts only – the other accounts are your wife’s IRA, not yours.2013-03-28 19:59, By: Gfw, IP: [188.8.131.52]
L3: Accounts used for total calculationThanks – sorry for the dumb question.2013-03-28 20:01, By: shabermann, IP: [184.108.40.206]
L4: Accounts used for total calculationThe only dumb question is the question that isn’t asked. Good Luck2013-03-28 20:20, By: Gfw, IP: [220.127.116.11]
L5: Accounts used for total calculationGFW,
Can multiple accounts be used for a single SEPP (same, or different custodians), or would a separate SEPP be required for each account?2013-03-28 21:25, By: Scott, IP: [18.104.22.168]
L6: Accounts used for total calculationScott…
A SEPP can contain one or more IRA accounts that are owned by the person establishing the SEPP.
If multiple accounts are used to determine the initial distribution, then the withdrawals can be made from either or both accounts as long as the planned annual withdrawal is taken by 12/31 and both accounts are subject to teh SEPP Rules.2013-03-28 21:31, By: Gfw, IP: [22.214.171.124]
L7: Accounts used for total calculationQuestion to you guys…
I have different IRAs: traditional IRA, Roth , and rollover IRA. Can I use all these accounts to fund a single SEPP or do I have to make separate SEPP accounts for each? Thanks. RB2013-04-25 14:06, By: RB, IP: [126.96.36.199]
L8: Accounts used for total calculationTraditional IRA and Rollover IRA — yes, they can be combined.
ROTH IRA — no. It has already been taxed.
You can withdraw your ROTH CONTRIBUTIONS and ROTH CONVERSIONS tax free.
Why would you want to have it taxed again ?2013-04-25 18:02, By: dlzallestaxes, IP: [188.8.131.52]
L9: Accounts used for total calculationThanks for the information…
I am planning to get the Roth contributions as they were already taxed, but can I include the Rothearnings to the SEPP?2013-04-25 19:32, By: RB, IP: [184.108.40.206]
L10: Accounts used for total calculationNO, unless you want to pay taxes on them again. BTW, what do you mean by “can I include the Rothearnings to the SEPP? ” It is a sepaate account. You cannot add anything to any IRA account that is included in your SEPP universe. The ROTH is not part of your SEPP universe. You cannot transfer vanything from the ROTH to the traditional or rollover IRA.
Why do you insist on trying to do as much as you can to circumvent the regulations that many people have repeated many times already ??????????2013-04-25 20:44, By: dlzallestaxes, IP: [220.127.116.11]