Several SEP IRAs to traditianal IRA?
is that possible?
we have a client that has several sep IRAs and he is interested in rolling them to his traditional IRA. is there an abstacle that might not allow him to do that?
is that possible?
we have a client that has several sep IRAs and he is interested in rolling them to his traditional IRA. is there an abstacle that might not allow him to do that?
Permalink Submitted by Alan Spross on Tue, 2011-05-31 22:40
The only obstacle is the one rollover rule per IRA account within 12 months. This applies to rollovers out of the SEP IRA, there is no problem rolling them all into one TIRA. If any of the SEP IRAs has distributed a rollover contribution in the prior 12 months, he can get around this rule by doing a direct trustee transfer when moving the funds to the TIRA.