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In general, you can transfer all or a portion of your traditional IRA funds to a Roth IRA. This can be accomplished in one of two ways: You can convert your traditional IRA to a Roth IRA, or you can roll over funds from your traditional IRA to a Roth IRA.
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The Economic Growth and Tax Relief Reconciliation Act of2001 made significant changes to IRAs and retirement plans. One provision ofthe act allows some low- and middle-income taxpayers to claim a partial,nonrefundable income tax credit (the "saver's credit") for contributing tocertain tax-deferred retirement savings vehicles. The credit can be appliedagainst the taxpayer's regular income tax liability (or minimum tax liability,if paying under the alternative minimum tax system) and is in addition to anyincome tax deduction the taxpayer receives for making the contribution. Thepurpose of this provision is to encourage retirement savings among those who,typically, can least afford to save.
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A simplified employee pension (SEP) is a written plan that allows employers to make retirement contributions to individual retirement arrangements (called SEP-IRAs) set up for each eligible plan participant. These contributions may be deducted from the business's income and are generally excluded from the employee's income (see "Note" below). In addition, eligible employees can make IRA contributions to their existing SEP-IRA accounts. Although SEP-IRAs can accept higher annual contributions than traditional IRAs, SEP-IRAs are subject to most of the procedures and federal income tax rules that apply to traditional IRAs.
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