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My father set me up a Simple IRA account at a broker (VanKampen Investments) in January of 2002. I was working for him at the time so it made sense. I now no longer work for him and I am ready to manage my own IRA and wish to transfer this account to a traditional IRA at Ameritrade. My question is will there be a penalty for transferring this account from a Simple IRA to a traditional IRA? I thought I remembered someone saying there was a penalty for transferring the account before a certain time period had expired. Any info would be helpful.

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