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Author: minton2 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75890  
Subject: Re: more newby IRA Q's Date: 6/14/1999 5:59 AM
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Okay, lets examine this hypothetical scenario:

I go ahead and transfer my $(5 digit number) from the 401k into a trditional IRA, and start adding $2000/yr. to it. A few months down the road, my employer introduces a SIMPLE-IRA plan which is limited to $6000/year (right?). Am I now contributing a total of 8000/year to 2 seperate IRA's? Or am I limited to $6000 total for both? (+ the employers 3% match, of course)

THEN, say, the business fails. What may I do with the $ from the SIMPLE? Does the account continue to exist, but I'm just limited to $2000/yr. on my traditional again? Does it cease to exist, and I have to roll it somewhere? Am I allowed to transfer/roll funds greater than $2000 into my traditional IRA after the initial set-up transfer?

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