Simple IRA 2 year rule
Is there any way someone can rollover a simple ira that is only 12 months since the original entry date into an existing IRA? Avoiding penalty, etc?
Is there any way someone can rollover a simple ira that is only 12 months since the original entry date into an existing IRA? Avoiding penalty, etc?
Permalink Submitted by Alan - IRA critic on Mon, 2013-02-11 23:16
No. The only place a SIMPLE IRA can be rolled or transferred to before the 2 year waiting period is another SIMPLE IRA. If you had another SIMPLE IRA that had met the 2 year period, you could roll the newer SIMPLE into the older one and then transfer funds from the older plan to any other type of accepting retirement plan.http://www.retirementdictionary.com/definitions/simple-ira-2-year-rule