Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

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Topic Author
joethe3rd
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Joined: Fri Jan 28, 2022 12:43 pm

Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

Post by joethe3rd »

I'm past the 2 year mark from opening the SIMPLE IRA at Edward Jones, so I can transfer it to another IRA that isn't a SIMPLE IRA. The SIMPLE IRA is a 5305-SIMPLE, so I can't switch from Edward Jones.

Would a traditional IRA be the best option? Does the $6000 maximum yearly contribution limit for all your IRAs (Traditional and Roth), effect the tranfer/rollover?

I'm not experienced with this stuff so sorry if this is a silly question.
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Duckie
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Joined: Thu Mar 08, 2007 1:55 pm

Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

Post by Duckie »

joethe3rd, welcome to the forum.
joethe3rd wrote: Fri Jan 28, 2022 12:50 pm I'm past the 2 year mark from opening the SIMPLE IRA at Edward Jones, so I can transfer it to another IRA that isn't a SIMPLE IRA. The SIMPLE IRA is a 5305-SIMPLE, so I can't switch from Edward Jones.

Would a traditional IRA be the best option?
A pre-tax IRA titled either "Traditional IRA" or "Rollover IRA" would avoid taxes. Since the source is an employer plan "Rollover IRA" may be a slightly better option. Is this SIMPLE IRA from a current job?
Does the $6000 maximum yearly contribution limit for all your IRAs (Traditional and Roth), effect the tranfer/rollover?
No. A rollover or transfer is not a contribution.
Topic Author
joethe3rd
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Joined: Fri Jan 28, 2022 12:43 pm

Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

Post by joethe3rd »

Duckie wrote: Fri Jan 28, 2022 6:57 pm Is this SIMPLE IRA from a current job?
Yes, it is.
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Duckie
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Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

Post by Duckie »

joethe3rd wrote: Fri Jan 28, 2022 9:26 pm
Duckie wrote: Fri Jan 28, 2022 6:57 pm Is this SIMPLE IRA from a current job?
Yes, it is.
Okay, set up a new Rollover IRA at your preferred custodian and, if possible, have them "pull" the SIMPLE IRA assets in a trustee-to-trustee transfer. "Pulling" from the receiving custodian is usually better than "pushing" from the relinquishing custodian because they have an incentive to get it done.
Lalamimi
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Location: Texas

Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd

Post by Lalamimi »

wise move! Print all statements, etc. from EJ first, they will shut you out when they see its being transferred.
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