Combine IRA Accounts

[Eternum]

I have Rollover IRA that holds money from my previous employers 401Ks, which is no longer being funded. I also have SIMPLE IRA with my own company, which is funded on a regular basis. Is there any way, however complex and convoluted it might be, to combine those two together -- ideally to move money from Rollover to SIMPLE?

Thank you!

[Evan]

I'd contact your brokerage that has your Rollover and SIMPLE and see if you can do this... Though generally, you can't "rollover" anything into a SIMPLE account. If you wanted to rollover the SIMPLE funds into your rollover account, that's another story.

[Eternum]

Evan,

Are you saying that SIMPLE can be rolled over to rollover account even if SIMPLE is active, meaning currently is being actively funded? I thought that I can move SIMPLE to rollover account if SIMPLE is inactive (is not funded by employer) for some time. Am I wrong on that?

Thanks!

[Evan]

You could combine active SIMPLE IRAs if you'd like. I do not think it necessarily has to be inactive.

If you've had your SIMPLE IRA for less than two years, if you withdraw it, even to roll it over to another IRA, you will subject yourself to a 25% penalty. The account must be established (initial deposit made for your benefit) for two years before it can be rollovered. The only exception is from a SIMPLE to a SIMPLE.

[Eternum]

Evan,

Thank you for your help!