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.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      Thanks

      Comment

      Working...
      X