SIMPLE IRA rollovers
If someone is 61 and has participated in a SIMPLE IRA for over 5 yrs, can they now rollover the balance of the account into a traditional IRA?
They will then continue to participate in the SIMPLE IRA until they retire early next year at which time they will do a 2nd rollover of the balance.
Permalink Submitted by Alan - IRA critic on Mon, 2023-08-14 15:37
Balances in a SIMPLE IRA can be rolled (but preferably directly tranferred) to a TIRA anytime after 2 years from the date of the first SIMPLE IRA contribution. But at least one of these two balance movements must be done by direct transfer due to the one rollover in 12 months limitation.