Simple to Traditional IRA Rollover while still employed
Hello All,
I have client who has a Simple IRA with his current employer and wants to roll it over to my Firm so I can manage it. The problem is that my custodian doesn’t support Simples. Is it possible to rollover say 95% of my clients SIMPLE into a Traditional IRA at my Firm while keeping his current employers Simple IRA open (as he will continue to contribute) and doing subsequent rollovers each year that he is employed?
Thanks for any help you can provide.
Regards,
Paul
Permalink Submitted by Alan - IRA critic on Mon, 2019-09-23 17:59
Yes, periodic rollovers can be done out of the SIMPLE IRA, but ONLY after 2 years have passed since the date of the first SIMPLE IRA contribution. After the two years, the funds would have to be moved by direct trustee transfer initiated at your firm, not by 60 day rollovers since those are limited to one per 12 month period. Hopefully client knows when the first SIMPLE contribution was made.