is it ok to change ira custodian of sepp ira?

L1: is it ok to change ira custodian of sepp ira?was displeased w/former investment company-amex, so i transferred my ira in full to fidelity. since i plan to continue my sepp til the end, i thought this would be ok. please tell me i haven’t messed up!??
drh
ps thanks for the responseto my previous question!2005-02-10 13:33, By: drh, IP: [65.1.255.146]

L2: is it ok to change ira custodian of sepp ira?Hello drh:
Presumably you requested Amex to transfer all of the IRA directly to Fidelity. You are fine.
TheBadger
wjstecker@wispertel.net
2005-02-10 13:35, By: TheBadger, IP: [66.250.23.21]

L2: is it ok to change ira custodian of sepp ira?Changing custodians during SEPP distributions is not a problem from the IRS point of view. Simply open the new IRA with the new custodian and complete the transfer forms (ACAT) and let the new custodian take care of the paperwork to move the assets. That’s the easy part for you.
The hard part, and it’s only hard if you fall asleep at the switch, is to monitor what’s going on. If you have internet access to your accounts at each custodian, watch for ‘Transfer of Assets’ out of the old and in for the new. Otherwise, watch the mail for statements or confirmations of activity. If you suspect a problem at either end, get on the horn and start asking questions to get clarification or to get problems cleared up. Make sure the correct number of shares gets transferred. This might seem a little detailed … well, I’m just that way … but we’ve seen too many posts here where someone had a similar situation as yours and didn’t discover a problem till the next year, just before tax filing time. That’s a little late.
One last item. Your old custodian will probably charge you the ‘Annual IRA Fee,’ maybe a ‘Close-out Fee,’ and possibly a ‘Transfer Out Fee.’ This might make you mad, but it is all quite legitimate and is part of the disclosure paperwork you received when you first opened the account or in ammendments you received later. There are more important things in life to worry about than trying to argue about not having to pay these annoyance fees, which do not count as ‘Distributions.’ Like I said, watch for the transfer of assets.
OK, one more last thing. Be sure to add up the real dollars distributed by each custodian so you can be sure to get the correct amount to satisfy the SEPP requirements. This is something to worry about.
Good luck.
Jim2005-02-10 14:12, By: Jim, IP: [70.184.1.35]