Converting Simple IRA into a Traditional IRA
Can I convert a Simple IRA which last contribution was in February 2004, employee has left that employer, and wants to roll into Traditional IRA. Can this be done?
Can I convert a Simple IRA which last contribution was in February 2004, employee has left that employer, and wants to roll into Traditional IRA. Can this be done?
Permalink Submitted by Alan Spross on Fri, 2008-02-08 00:36
Yes, a SIMPLE IRA can be rolled into a TIRA, and also could be converted directly to a Roth IRA if taxpayer is income eligible. The required 2 year participation rule has been met in your example.