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The prohibition on making a qualified charitable distribution from a SEP IRA or a SIMPLE IRA only applies to "ongoing" SEP IRAs or SIMPLE IRAs.
Simplified Employee Pension (SEP) IRA: SEP IRAs are available to business owners and are a great option for people who are self-employed to save for retirement.
They can, however, set up and fund SEP IRAs for 2013.
The general rule is that partners in a partnership and members of an LLC taxed as a partnership cannot have individual SEP IRAs (Simplified Employee Pension Individual Retirement Account) plans.
In what is introduced as "essential first-aid for any American looking forward to a happy retirement," the author of investment guides explains traditional and nontraditional Individual Retirement Account (IRA) investments and regulations covering options including Roth IRAs and SEP IRAs.
Because payments are made into an IRA established for each employee, they are also referred to as SEP IRAs.
SEP IRAs (simplified employee pension individual retirement accounts) and SIMPLE (savings incentive match plan for employees) IRAs tend to be best suited to sole proprietors and small companies with up to five employees, O'Shaughnessy says.
IRAs created under an employer-sponsored IRC section 408 SEP IRAs and SIMPLE IRAs, as well as pension, profit-sharing or 401(k) funds transferred to a rollover IRA, enjoy an unlimited exclusion from the federal bankruptcy estate.
Unlike SIMPLE plans, however, SEP IRAs do not entail employee contributions.
In fact, whether or not a state law exempts SEP IRAs from creditors' claims, SEP IRAs are likely not protected from creditors under the rationale that SEP IRAs come under ERISA, and federal law preempts state law (2).
Further, IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs need to be amended as well.
His CPA, Patrick Bigelow, has prepared Geary's tax returns for years and has provided advice about business deductions, loans, SEP IRAs, and various other financial items, as well as personal financial planning services.