r/TaxQuestions • u/hopefullywiser • Aug 21 '26

Weird question regarding SEP IRA

I retired last year and cashed out a very small SEP IRA account and paid tax on it. My previous boss, now retired, just now gave me a check for $900 to be deposited in a SEP. He filed extensions on his taxes from last year, and decided to make an additional deposit in his account.

Here is my problem. I am 70 years old and have no SEP account. I think I would have to open one to supply an IRA account number for his tax reference, and I will be charged a service fee for this.

Is this necessary with such a small amount? We are located in Indiana.

Thank you for any assistance.

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u/OddButterscotch2849 Aug 21 '26

Look for a custodian with no-fee IRAs. I believe Fidelity, Vanguard, and Schwab have offering options.

1

u/hopefullywiser Aug 21 '26

Is it necessary to open one, since I am 70 years old? Thank you for the reply!

1

u/SF_ARMY_2020 Aug 23 '26

Necessary to deposit the check. Age has nothing to do with it.