Individual Retirement Arrangements (IRAs)

Individual Retirement Arrangements (IRAs) - Roth IRA

Rev. date: 2/1/2011

The financial institution, which is the trustee of your Roth IRA, will send you and the Internal Revenue Service information on the amount in your Roth IRA.
Use Form 8606 (PDF), Nondeductible IRAs:
      o If you make a nondeductible contribution to a traditional IRA
     o Converted from a traditional IRA, a SEP, or Simple IRA to a Roth IRA
      o Received a distribution from a traditional IRA, a SEP, or a Simple IRA
      o Received a distribution from a Roth IRA
     o Starting for 2010, rolled over an amount from a qualified retirement plan to a Roth IRA

Additional Information

Rev. date: 1/31/2011

You can make a contribution to a SEP-IRA and a Roth IRA.
However, neither a SEP IRA or a SIMPLE IRA can be designated as a Roth IRA.
Your SEP IRA contribution and Roth IRA contribution can not be made to the same IRA.
If you contribute to both a Roth IRA and a SEP IRA, it can affect the contribution limits.
See Chapter 2 of Publication 590, Individual Retirement Arrangements (IRAs), for the requirements to contribute to a SEP and a Roth IRA.

Additional Information