3645. Are rollovers permitted from SIMPLE IRA plans?Nuco Employeercline212014-06-03T20:42:00Z2014-06-03T20:42:00Z1130747Albany Law School6187614Site Map/Individual Retirement Plans/SIMPLE IRA2005-01-25T00:00:00ZTaxFactsDefaultArticle114960243-00-tf1.xml244.00;#1793;#0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900242457EFB8B24247815D688C526CD44D009C4E67E972694125ABDA91AC61F5E51FTax Facts 1How are SIMPLE IRA plan contributions taxed?129700.000000000TaxFactsDefaultArticle2010-01-15T01:01:22ZSBMEDIA\moss-admin3645. Are rollovers permitted from SIMPLE IRA plans?Tax-free rollovers (Q 3865) may be made from one SIMPLE IRA to another SIMPLE IRA at any time, but a rollover from a SIMPLE IRA to a traditional IRA is permitted only in the case of distributions to which the 25 percent early distribution penalty does not apply (Q3644).IRC Sec. 408(d)(3)(G). During the two year period that the 25 percent penalty is imposed, such a transfer would be treated as a distribution from the SIMPLE IRA and a contribution to the other IRA that does not qualify as a rollover contribution.Notice 98-4, 1998-1 CB 25. To the extent that an employee is no longer participating in a SIMPLE IRA plan and two years have expired since the employee first participated in the plan, the employee may treat the SIMPLE IRA account as a traditional IRA.General Explanation of Tax Legislation Enacted in the 104th Congress (JCT-12-96), p. 141 (the 1996 Blue Book).