Rollovers to SIMPLE IRAs Liberalized by The Consolidated Appropriations Act of 2016

The Consolidated Appropriations Act of 2016 changed the rules for SIMPLE IRAs. This new act permits rollovers of distributions from Traditional IRAs (not Roth IRAs) and employer sponsored retirement plans (including solo 401k plans), 403(b), and governmental section 457(b) plans into SIMPLE IRAs after the expiration of the two-year period that begins on the date the employee first participated in the employer’s SIMPLE IRA plan. This new rule went into effect after December 18, 2015. Before this new rule was promulgated, distributions from employer-sponsored retirement plans and Traditional IRAs could be rolled over to SIMPLE IRAs.

Before satisfying the two-year period (during which distributions from a SIMPLE IRA also are subject to an additional 25 percent early distribution penalty tax), only distributions from a SIMPLE IRA may be rolled over to a SIMPLE IRAs.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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