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mge155
February 28, 2025
Question

How do you tell if you have a SIMPLE IRA or an SEP IRA?

  • February 28, 2025
  • 1 reply
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Box 7 says IRA/SIMPLE/SEP. How do I determine if my distribution is SIMPLE or SEP ? Distributuion code 7 doesn't specify.

    1 reply

    B
    BillM223
    February 28, 2025

    Simple and SEP-IRAs are two different types of IRAs with somewhat different rules. Look at this link for a brief discussion by the IRS on these retirement accounts.

     

    Normally, each of these are part of a small business. If you never worked for a small business (less than 100 employees), you probably don't have either one, but just a regular IRA.

     

    You should be able to call the administrator who sent you the 1099-R and just ask what type you have.

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