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.
Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd
Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd
joethe3rd, welcome to the forum.
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?
No. A rollover or transfer is not a contribution.Does the $6000 maximum yearly contribution limit for all your IRAs (Traditional and Roth), effect the tranfer/rollover?
Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd
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.
Re: Transfering / rollover SIMPLE IRA from Edward Jones to Vangaurd
wise move! Print all statements, etc. from EJ first, they will shut you out when they see its being transferred.