If you have a Simple IRA that was provided by a former employer and you want to rollover the plan to a traditional IRA, there are few restrictions on Simple IRA rollover account that you should be aware of. (more…)
Posts Tagged ‘Simple IRA Rollover Account’
Setting Up Your New Simple IRA Rollover Account
Posted by admin on May 1st, 2010
If you have a Simple IRA and are moving to a new company, you’re going to want to take your investments with you when you leave. This is possible, but there are some limitations that you’ll first need to take into consideration before making any decisions on your Simple IRA rollover. For example, if your Simple IRA account has been open for less than two years, you won’t be able to rollover the account without serious penalties of up to 35% percent of the total account balance. As this can significantly damage your retirement holdings, you may need to wait to complete the Simple IRA rollover to your new account until the two years have elapsed. (more…)
Is a Simple IRA Rollover the Right Choice for You?
Posted by admin on April 27th, 2010
Generally speaking, rollovers are a financial tool that can be used for consolidating your money from preexisting Simple IRA plans into a new Simple IRA rollover or other investment vehicle. (more…)
What Types of Accounts is Eligible for a Simple IRA Rollover?
Posted by admin on April 26th, 2010
If you have a pre-existing IRA or rollover 401k plan and you’re thinking about transferring the funds into a Simple IRA rollover plan, you’re probably wondering whether or not there are any restrictions or exclusions on rollovers completed to these plans. Unfortunately, the truth is that you can’t rollover a Roth IRA, an SEP IRA or a traditional IRA into a Simple IRA account. Nor can you complete a Simple IRA rollover if you’re planning on moving money from a pre-existing 401k rollover plan. The only type of IRA that can receive monies in a rollover from a Simple IRA is another Simple IRA plan. (more…)
Avoiding Tax Penalties on Your Simple IRA Rollover
Posted by admin on April 22nd, 2010
The IRS considers direct rollovers to be reportable events, but not taxable ones. For this reason, the direct rollover is the best way to move money when performing a Simple IRA rollover. If, on the other hand, you choose an indirect rollover, you’re risking the tax status of part, if not all, of the funds. Unless you have a very good reason to perform the indirect rollover, choose a direct Simple IRA rollover instead. (more…)
Establishing a New Simple IRA Rollover Account
Posted by admin on April 3rd, 2010
Simple IRA plans play by rules that are a little bit different from other IRAs. One of the most obvious differences is that you cannot rollover money from a Simple IRA to any other IRA or qualified retirement savings plan (except another Simple IRA) until you’ve been a participant in the Simple IRA for a period of at least two years. Other IRAs and qualified retirement savings plans, for example, do not have this two year waiting period. Another important difference is that you cannot rollover money into a new Simple IRA unless the money is coming from another Simple IRA. (more…)
