IRA’s to be included
L1: IRA’s to be includedI am going to do a SEPP. Currently my wife & I have ROTH, regular IRA, & a SIMPLE plan. My question is do I include all of them in the total, or just IRA and SIMPLE?2010-03-09 15:33, By: Bruce M, IP: [18.104.22.168]
L2: IRA’s to be includedOnly the “TRADITIONAL IRA”. Not the ROTH or the SIMPLE IRA.Besides, you would only include enough of your Traditional IRA to satisfy your needs, using the “reverse calculator” on this site. Any excess should be kept in a separate IRA account anyway.If you want better info, then give us all of the facts.2010-03-09 16:39, By: dlzallestaxes, IP: [22.214.171.124]
L2: IRA’s to be includedGood morning Bruce. DLZ has answered the question about which IRA’s to include in your SEPP Plan. However, the phrase “my wife & I have” bothers me so let me add the following comments.
The term “IRA” stands for “Individual Retirement Arrangement” and the first word, “Individual,” is key. What’s yours is yours and what’s hers is hers, and the two shall not join together for any reason while you both are living and breathing. So when you form your SEPP Plan universe, use your IRA’s for your SEPP and her IRA’s for her SEPP. I am afraid that you were going to try adding both your and your wife’s IRA’s into one SEPP Plan Universe and that is strictly prohibited.
Jim2010-03-09 17:39, By: Jim, IP: [126.96.36.199]
L3: IRA’s to be includedThanks for the info Jim & DLZ!
2010-03-09 20:30, By: Bruce M, IP: [188.8.131.52]