Traditional IRA to SIMPLE IRA?
After the 2 year SIMPLE IRA limitation, can a participant consolidate traditional IRA’s into their SIMPLE IRA?
After the 2 year SIMPLE IRA limitation, can a participant consolidate traditional IRA’s into their SIMPLE IRA?
Permalink Submitted by Alan - IRA critic on Fri, 2015-01-30 16:42
No. Per IRS rollover chart here http://www.irs.gov/pub/irs-tege/rollover_chart.pdf note that the only possible rollover source for a SIMPLE IRA is another SIMPLE IRA. Often, participants transfer funds out of their SIMPLE IRA after 2 years, but the SIMPLE must be kept open to receive new contributions if participant is still employed with employer.