Multiple IRAs for Calculation
L1: Multiple IRAs for CalculationHi,
I posted some questions a while back. I’m only 48… so my questions are a little bit premature. But, I’ve saved well…my lifestyle is simple, so it may be prudent for me to leverage my IRA for lifestyle sooner than later.
I have a fully self-directed IRA and also my larger IRA on which I would like to begin SEPP 5-7 years before 59.5 (i was born 10/1964).
When doing my calculations, will I ignore the Fully Self Directed IRA? This IRA will not satisfy many of the rules regarding activity in an SEPP IRA.
Thanks for any suggestions/advice.2013-03-25 14:52, By: njonge01, IP: [126.96.36.199]
L2: Multiple IRAs for Calculation>> This IRA will not satisfy many of the rules regarding activity in an SEPP IRA.
There is no difference in the investment rules for an IRA v SEPP IRA. Could you clarrify what you are asking?2013-03-25 15:10, By: Gfw, IP: [188.8.131.52]
L3: Multiple IRAs for CalculationCertainly,
Thanks for your consideration of my question!
My primary interest is to confirm that when setting up my SEPP IRA, I will still be able to contribute to this other NON SEPP IRA. These contribution wouldinlude incomeactivities that are associated with owning Real Estate out of this other NON SEPPIRA.
Thanks again!2013-03-25 15:29, By: njonge01, IP: [184.108.40.206]
L4: Multiple IRAs for CalculationAs long as you treat them as separate accounts, you should have no issues with a contribution to the non-SEPP IRA account.
Being conservative, I would have the two IRA accounts with different custodians and then I would document the SEPP IRA using something similar to the sample form at http://72t.net/72t/Sample/Form2013-03-25 15:40, By: Gfw, IP: [220.127.116.11]
L5: Multiple IRAs for CalculationOutstanding. Yes, conveniently the 2 IRAs are with 2 different custodians. I appreciate your help!2013-03-25 18:17, By: NJonge01, IP: [18.104.22.168]
L6: Multiple IRAs for CalculationWhat types of “real estate activities” are you involved in that generate EARNED INCOME on which you think you can make IRA contributions to your non-SEPP IRA ?
Rental Income is deemed to be passive income, and not eligible for IRA contributions.
(Or are these real estate activities within your non-SEPP IRA ? Your posting was a little confusing in this regard.)2013-03-25 19:35, By: dlzallestaxes, IP: [22.214.171.124]