Regular IRA contribution to SIMPLE IRA
I’ve never used SIMPLE IRAs, but I inheriteda client with one. She wants to add a regular IRA contribution to it. Can she do this, or does she need to open a “regular” IRA?
I’ve never used SIMPLE IRAs, but I inheriteda client with one. She wants to add a regular IRA contribution to it. Can she do this, or does she need to open a “regular” IRA?
Permalink Submitted by Alan Spross on Tue, 2009-04-07 23:57
Tom,
She needs to open a new traditional IRA. She cannot make regular contributions to a SIMPLE IRA, as is possible with a SEP IRA. She cannot roll a TIRA into a SIMPLE IRA either.