TRAVIS75
New Member

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