Given the news that Vanguard is moving all accounts to Ascensus, I am considering the option of no longer contributing to this Simple IRA (company transition soon anyway). 2 months ago I completed a rollover from my Vanguard Simple IRA to my Vanguard Rollover IRA but today was told that I can still "transfer" the Simple IRA for the remaining balance. Is there a difference between a "rollover" and a "transfer" in this instance so the limit of once per year doesn't apply? I think I confused the Vanguard rep but I want to be sure I will not be hit with a penalty for this move. Thank you!
https://www.irs.gov/retirement-plans/pl ... tributions
"Direct transfers of IRA money are not limited
This change won't affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn't a rollover (Revenue Ruling 78-406, 1978-2 C.B. 157). The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers."
Is Vanguard Simple IRA to Vanguard Rollover IRA considered a different trustee?
https://www.irs.gov/retirement-plans/pl ... tributions
"Direct transfers of IRA money are not limited
This change won't affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn't a rollover (Revenue Ruling 78-406, 1978-2 C.B. 157). The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers."
Is Vanguard Simple IRA to Vanguard Rollover IRA considered a different trustee?
Statistics: Posted by acunn — Tue Apr 23, 2024 3:41 pm — Replies 2 — Views 128
