A relative has a SEP IRA account at brokerage A. The majority of her accounts, including a rollover IRA, are at brokerage Z. She wants to move the SEP IRA to brokerage A in order to consolidate accounts and simplify things. The question is, can the funds from the SEP IRA be combined with the existing rollover IRA, or do they have to be transferred into a separate new account?
So far, my research indicates that this is allowed, the only downside is that once you combine a SEP and a rollover IRA, you are no longer permitted to move the rollover portion into a new employer's retirement plan. But this isn't an issue for my relative.
So far, my research indicates that this is allowed, the only downside is that once you combine a SEP and a rollover IRA, you are no longer permitted to move the rollover portion into a new employer's retirement plan. But this isn't an issue for my relative.
