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I have a client that is rolling over (2) IRAs to a SIMPLE…

I have a client that...
I have a client that is rolling over (2) IRAs to a SIMPLE IRA to combine assets. Neither IRA has been rolled during the past year. In there any consequences by doing (2)?Document that states that only one rollover per year is allowed. Ref. IRS code section 408(d)(3)(B). It also references IRS Publication 590.However, they are referring to rolling over the same personal Trad IRA multiple times?Thanks
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Answered in 5 minutes by:
3/7/2018
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,180
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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A trustee to trustee transfer is not a rollover. If they used or will use that approach there is no problem under the 1 rollover a year rule.

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Customer reply replied 4 months ago
the Law only applies when the check is going through to the client?Ethan

Correct

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I think it was a way to stop that "borrowing " from the IRAs that people were doing and claiming rollover treatment.

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I think it was a way to stop that "borrowing " from the IRAs that people were doing and claiming rollover treatment.

TaxRobin
TaxRobin, Senior Advisor
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Satisfied Customers: 18,180
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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