Jump to content

25% Penalty

Guest KeithinClev

Recommended Posts

Guest KeithinClev

We have a client that terminated a SIMPLE IRA Dec. 31, and started up a 401(k) Jan. 1. The SIMPLE IRA was started with the employer 4 years ago. There are a couple of people that have started deferring into the SIMPLE the last couple of years.

Does the 25% penalty apply to each individual account when they first opened their account or does it go back to when the company adopted the SIMPLE IRA.

They are looking to roll money into their new 401(k) Plan.

Thank you

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...