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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12653
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have 3 regular ira accounts. I did this when govt guarantees

Resolved Question:

I have 3 regular ira accounts. I did this when govt guarantees were smaller. Now I would
like to roll two of them into the third one. I know I can roll one without penalty. Can I roll
two within the same year without them being taxable?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

Yes, you can roll over both IRAs without any penalty. There's no tax on a rollover, whether you do 1 or more per year

MyVirtualCPA :

So, you can place all three of your accounts into one big account if you so choose

MyVirtualCPA :

Please let me know if you have further questions. If not, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

hello

Customer:

are you there

MyVirtualCPA :

Yes, I am here

Customer:

good, proceed

MyVirtualCPA :

Someone came in my office, my apologies

MyVirtualCPA :

I answered your question. You can transfer all three accounts into one account, there's no penalty for doing so

MyVirtualCPA :

The rollover isn't a "one time per year" thing - any time you roll over funds there's no tax or penalty

Customer:

thank you

MyVirtualCPA :

YOu're welcome

MyVirtualCPA :

If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12653
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 5 other Finance Specialists are ready to help you

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