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I currently have a Simple Ira through my current employer, and I am looking to convert some of that into a traditional IRA, can this be done without penalty?
So I have a Simple IRA, what i am wanting to know is
1)can i transfer funds to establish a traditional IRA, when i am still with the current employee offering the Simple IRA, with out penalty, all my research indicates the "2 year rule", is that 2 years after i leave my job, or 2 years after i opened my account?
I am past the 2 years since i opened my account.
2)If i am able to transfer these funds from one account to another, can I claim that amount I transfer, as a reduction in my taxable income, i.e. right now if i contribute 800 of my tax return to a Simple Ira, it reduces my taxable income for 2015 if I chose to claim it for that year
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‎June 3, 2019
12:19 PM