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Use this form to convert a traditional, SEP or SIMPLE (after the required two year holding period) I

Use this form to convert a traditional, SEP or SIMPLE (after the required two year holding period) I 2025

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The document is a Roth IRA Conversion Request Form for Burnham Investors Trust, allowing individuals to convert their traditional, SEP, or SIMPLE IRAs into Roth IRAs. It outlines the necessary steps for conversion, including participant information, distribution instructions, tax withholding elections, and investment instructions for the converted funds. The form emphasizes the irrevocability of the conversion and advises participants to consult tax advisors regarding potential tax implications.

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What is the Form 8606 for traditional IRAs?

Transfers to SIMPLE IRAs Previously, a SIMPLE IRA could only accept transfers from another SIMPLE IRA plan. A new law in 2015 now allows a SIMPLE IRA to also accept transfers from traditional and SEP IRAs, as well as from employer-sponsored retirement plans, such as a 401(k), 403(b), or 457(b) plan.

Can you convert a SEP IRA to a traditional IRA?

An employer cannot hold your SEP IRA after you leave; the account remains yours, and you can roll it over, withdraw funds (subject to taxes and penalties), or leave it in place.

Can I roll a SEP IRA into a SIMPLE IRA?

The downside of SEP IRAs is that employees must make equal contributions for all eligible employees and only employer contributions are allowed. Another downside is that just like with any IRA, SEP IRA rules require individuals to be at least 59 1/2 for withdrawals, or else youll be taxed a 10% penalty.

What is the 2 year rule for SIMPLE IRAs?

SEP IRA Rollover Rules To be specific, you cannot roll a tax-deferred SEP IRA into a Roth IRA plan, because taxes are assessed quite differently for each type of account. However, you can rollover into a new or existing Traditional IRA account, because SEP IRA rules mirror Traditional IRA rules.

Can SEP IRA be converted to traditional?

Use Form 8606 to report: Nondeductible contributions you made to traditional IRAs. Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs. Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs.

What happens to my SEP IRA when I leave my job?

Transfers to SIMPLE IRAs A new law in 2015 now allows a SIMPLE IRA to also accept transfers from traditional and SEP IRAs, as well as from employer-sponsored retirement plans, such as a 401(k), 403(b), or 457(b) plan.

Use this form to convert a traditional, SEP or SIMPLE (after the required two year holding period) I 2025

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