SIMPLE to Roth IRA
I have a client that is looking to do a Roth Conversion on his SIMPLE IRA, which I know he is able to do if the account has been opened from more than 2 years. The question is – Is there any issues since for the client transferred his account when I swithced broker dealers (rule of only allowing for one transfer per year per account)?
Permalink Submitted by Alan Spross on Fri, 2010-12-10 20:22
A conversion does not count for purposes of the one rollover per 12 month period, so there is no problem there. Even the transfer you did when you changed BDs would not count if done by direct transfer and not indirect rollover. There is no limit on the number of direct transfers that can be done.