can an IRA be rolled into an SRA?
I have a client with a stray IRA and it would make sense to roll it into his company Simple Retirement Account. I think it can be rolled but I wanted to see if there was something I am missing.
I have a client with a stray IRA and it would make sense to roll it into his company Simple Retirement Account. I think it can be rolled but I wanted to see if there was something I am missing.
Permalink Submitted by Alan - IRA critic on Wed, 2017-03-22 16:24
If client has contributed to the SIMPLE IRA for at least 2 years, the TIRA can be rolled into the SIMPLE IRA. This was a new rule effective last year. Best to move the funds by direct transfer so the one permitted 60 day rollover is not used up. Here is the rollover chart: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf