Simple Employee Plan to A ROTH Conversion

Submitted by Vickie Intriago on Thu, 2022-12-08 05:46

Client has several retirement plans of which includes a Simplified Employee PLan.
Can assets in this account be converted to a ROTH for a conversion?
Or, can only funds in an IRA be converted to a ROTH?



Submitted by William Tuttle on Thu, 2022-12-08 09:52

  • *As long as it has been 2-years since the first employee or employer contribution. A Roth conversion can be done on SIMPLE IRA assets.
  • Traditional and SEP IRAs have no such restriction. As soon as contributions to such accounts have been deposited a Roth conversion can be done.

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