Consolidating sep ira
Don’t worry, the IRS has a very simple form for this: Form 5305-SEP.
It will only take a few minutes to complete, and you don’t even have to file it with the IRS—just keep it for your records.
As with a traditional IRA, you would pay a 10% penalty for withdrawals prior to age 59½, unless one of the exceptions applies—death, disability, medical expenses, etc.
It’s easy to open one with most financial institutions—including So Fi Wealth.
If you are one of these people, you should make your contribution after your tax return is completed.
Once you’ve filled out the form, go to So Fi Wealth and open the account with a few clicks.
If you have a good idea of what your self-employment income will be, you can get a quick estimate from our IRA Calculator.
Of course, you won’t know how much money you actually made in 2017 until the year is over.
(After all, the boss can’t get all the benefits.) There are better retirement plan options for most companies with employees.
You can set up a SEP IRA for a given year as late as the due date (including extensions) of your business’s income tax return for that year.