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How to complete a SEP IRA to Roth IRA conversion?

Published | Updated

If you’d like to convert your SEP IRA to a Roth IRA, we can help you with that, although there are a few additional steps involved.

  1. First, we will assist you with rolling your SEP IRA contributions into a Traditional IRA. Note that the rollover doesn’t change the type of the contributions you made, it just changes the account they are housed within. To roll your SEP IRA funds into a Traditional IRA, please email us with your request and we will complete the rollover from our end. There is no paperwork required.
  2. Once the funds are in your Traditional IRA, you’ll be able to request the conversion online.
  3. Log in to your account on a web browser.
  4. Click on Settings in the menu on the left-hand side of the page.
  5. Click the Accounts tab at the top of the page.
  6. Find your Traditional IRA and click the 3 dots that appear off to the right.
  7. Choose the option that says “Convert IRA to Roth.”
  8. You’ll have the option to convert either a partial amount or the full amount.
This article is intended for educational purposes only. The information provided is educational in nature, and is not intended to be relied upon as financial or tax advice. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. When deciding whether to roll over a retirement account, you should carefully consider your personal situation and preferences. The information on this page is being provided for general informational purposes and is not intended to be an individualized recommendation that you take any particular action. Factors that you should consider in evaluating a potential rollover include: available investment options, fees and expenses, services, withdrawal penalties, protections from creditors and legal judgments, required minimum distributions, and treatment of employer stock. Before deciding to roll over, you should research the details of your current retirement account and consult tax and other advisors with any questions about your personal situation.