If your funds are currently in a SEP IRA
If your funds are currently in a SEP IRA, you may choose one the following options:
Cash Rollover to Self-Directed IRA
- Typically faster than a transfer, with the potential to move funds to self-directed IRA in under a week.
- Can only use this method once per IRA per 12-month period.
- You play an active role by taking your IRA funds out and putting them back into the self-directed IRA within 60 days to avoid tax or penalty.
Transfer to Self-Directed IRA
- Typically slower than a cash rollover, taking somewhere between 10 and 30 days (your current IRA administrator should be able to give you a closer idea of their processing time).
- You can use this method a limitless number of times.
- You play a passive role by authorizing the new self-directed IRA custodian to request the funds directly from your current IRA custodian.
Or alternatively, if you are interested in converting your SEP IRA to a self-directed Roth IRA, follow the instructions for a:
SEP IRA Conversion to Self-Directed Roth IRA
- Your Adjusted Gross Income must be below established IRS guidelines to convert.
- You will pay income tax on the converted amount in the tax year of the conversion.
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