Old SEP – New IRA Account – Can they be Combined?
I have someone with an “old” SEP IRA that has not be funded for a number of years, and they have no intension of funding it. We are setting up a new IRA to roll IRA and Simple IRA assets into. Is there any issue with combining IRA accounts if all were funded with pre-tax dollars?
Permalink Submitted by Alan - IRA critic on Tue, 2021-02-23 22:55
They can be combined, except for the SIMPLE IRA assets if the SIMPLE is active or if the SIMPLE is not active and less than two years have passed since the first SIMPLE IRA contribution. Combine by direct transfer to avoid the one rollover limit per 12 months.