Cathy from Chicago Posted September 30, 2001 Posted September 30, 2001 I have a client who is terminating the company SEP on 12/31 and starting a SIMPLE IRA 1/1/02. Can the existing SEP account money be rolled into the SIMPLE IRA account for each employee? Thanks in advance....
Appleby Posted September 30, 2001 Posted September 30, 2001 No - According to IRS Notice 98-4, the only assets that can be contributed , transferred or rolled to a SIMPLE IRA are initial SIMPLE IRA contributions or rollover and transfers from another SIMPLE IRA. Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
R. Butler Posted October 1, 2001 Posted October 1, 2001 It does not appear that EGTRRA changes the rollover rules to SIMPLE IRA's. Odd.
Appleby Posted October 1, 2001 Posted October 1, 2001 …as a matter of fact, EGTRRA pointedly state that the new portability rules does not apply to SIMPLE IRAs. Therefore, unlike the SEP contirbution increase issue, this is not an oversight, but intentional Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now