I have a SEP IRA, no longer current business retirement account, change to a traditional IRA?

I have a SEP IRA from when my business was a proprietorship. In the past year, my business became an LLC and set up a solo 401k, so I am no longer funding the SEP IRA.

Should I somehow recharacterize the SEP IRA in to a traditional IRA? Is this even possible?

Thanks.

My understanding is that, yes, you can ROLLOVER a SEP-IRA into a traditional IRA or some other plans. I also believe you can CONVERT a SEP IRA into a Roth IRA. I think the SEP has to be at least 2 years old, and that you pay taxes on the conversion. There are income limitations on these conversions as well.

I recommend contacting the IRA custodian you'd like to place the SEP funds with and also a good CPA.