Announcement

Collapse
No announcement yet.

How do I to manage 2 IRAs in 1 year (going from Simple to 401K)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • How do I to manage 2 IRAs in 1 year (going from Simple to 401K)

    If I have already fully funded a Simple IRA at $12500 from my job, and then move to another position.  Can I then fund a 401K?  Would I roll over the Simple into a separate account and then be able to fund the new 401K with another $5500 to the max of 18K for the two?

  • #2




    If I have already fully funded a Simple IRA at $12500 from my job, and then move to another position.  Can I then fund a 401K?  Would I roll over the Simple into a separate account and then be able to fund the new 401K with another $5500 to the max of 18K for the two?
    Click to expand...


    You can put $5,500 in your new 401k (assuming you are
    If you have been in the SIMPLE <2 years, you don't need to move your account (except to another SIMPLE IRA) until the 2 year mark is passed or you'll be assessed a 25% penalty. After that, you can roll it out to an IRA or to your 401k, if your plan allows it.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      Thanks

      Comment

      Working...
      X