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Email Guidance – IRA Rollovers

Posted by James M. Carlson
Mar 06 2019

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.

Categories: Email Guidance