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transferring a SEP to a different firm?
Old 06-01-2012, 02:15 PM   #1
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transferring a SEP to a different firm?

does anyone know what this process is like? i am planning on transferring my sep from fidelity to vanguard and i was just on the phone with vanguard so i know how to do it but i have a few questions about the implications or whatever.

so i assume, if im making this transfer i will have to withdraw from the fidelity mutual funds i'm invested in and i've heard that you can, within a sep, buy and sell without actually withdrawing from the sep and getting penalized, but i've never actually done it and i'm worried about accidentally having that happen, withdrawing completely and getting penalized, during the transfer

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Old 06-01-2012, 02:30 PM   #2
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I'm sure the SEP IRA is treated the same as other IRA's. As long as you ensure that the funds go directly from your Fidelity account directly to your Vanguard IRA account there will be no penalties. (Don't have any check made out to you, and don't have them transfer the funds to your bank account)

At tax time you will receive a 1099-R from Fidelity indicating that the funds have been withdrawn as a direct Rollover, and you enter the details into your tax return copying the details from the 1099-R
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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