Rollover to a SEP or SIMPLE

Submitted by John Culpepper on Tue, 2012-02-14 16:29

I have several small IRAs. I would like to consolidate them. I wanted to either roll them over to an existing SEP that I contribute you. Can I roll these into the SEP? Also, if I change the plan over to a SIMPLE can I roll the SEP and the IRA’s into the SIMPLE?

I just want to make sure I understand the Rollover rules for different types of IRAs

Thanks,

Jon



Submitted by Alan Spross on Tue, 2012-02-14 17:04

You could roll the others into the SEP IRA, but no other IRA type can be rolled into a SIMPLE IRA other than another SIMPLE IRA. Therefore, if you changed over to a SIMPLE IRA, you would have to keep at least one of the other accounts open. Here is a rollover chart that covers all portability options:

http://www.mhco.com/Library/Articles/2008/ARoll_Chart_011008.html



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