Can I make regular IRA contributions to a SEP account?

March 8, 2004

Subject:  SEP Question

From:  Marylyn
Date:  Tue, 10 Feb 2004

I've had a SEP account since 1994 when I was self employed. I am employed now by a company. I am contributing to a 401K here but did not in 2003 at all.

I would like to know if I can fund my SEP account like an IRA, $3500 (I am over 50) for this year and consecutively.

Marylyn Hawkins

Answer

Date:  Mon, 01 Mar 2004

Hello Marylyn,

Plan administrators usually separately identify SEP accounts and will not accept regular IRA contributions to these accounts. Ask your plan administrator if you can roll the SEP balance to an account to which you can make regular IRA contributions.

Good luck!
Mike Gray

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