Simple IRA Transfer
Hello, can a SIMPLE IRA that has been open for less than 2 years move in kind to a SIMPLE at the same custodian? Could this be do as a rollover or a trustee to trustee no reportable? Any guidance would be greatly appreciated.
Thank you.
Permalink Submitted by Alan - IRA critic on Fri, 2020-03-06 14:58
A direct transfer can be done to any SIMPLE IRA custodian in the first two years, and a 60 day rollover can also be done to another SIMPLE IRA. However, as with any IRA rollover, it is always best to move the funds by non reportable direct transfer.