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Wednesday, March 06, 2019

Email Guidance – IRA Rollovers

Q-1 We have a client that has a Rollover IRA, Simple IRA and a SEP IRA at another firm. He would like to transfer those IRA's to AAA Trust, but, was wondering IF they or any could be combined, so he doesn't have 3 different IRA accounts.

A-1 The law permits a person who has a traditional IRA (rollover IRA), a SEP IRA and a SIMPLE IRA to combine (i.e. transfer) all three into one traditional IRA, one SEP IRA or one SIMPLE IRA if the person has met the two year rule applying to SIMPLE IRAs. The two year rule is- two years must have elapsed since the first SIMPLE IRA contribution was made for the person.

Presumably, the person would maintain one traditional IRA.

Posted by James M. Carlson at 15:01.57
Edited on: Thursday, March 07, 2019 9:33.08
Categories: Email Guidance