2 questions-roth IRA

[Guest dbuckner]

1.Can I roll a SEP account(or part of the account) to a ROTH IRA?

2. Can I still make a contribution into a roth IRA for 2003?

thanks so much!

dbuckner@bellsouth.net

[Lame Duck]

1. The proper term is conversion rather than rollover, and conversions must take place by the end of the calendar year. So, while a SEP account may be converted to a Roth IRA, at this point it could only be made for the 2004 tax year. See Treasury Regulation Section 1.408A-4, Q&A-4

2. Contributions to a Roth IRA may be made up until the due date for your tax return, not including extensions. See IRC Section 219(f)(3)