Can I consolidate multiple self-directed IRA accounts?
Yes. Depending on the account types and applicable IRS rules, you may be able to consolidate multiple retirement accounts into one account.
Examples include:
- Traditional and SEP IRAs: May generally be combined into a Traditional IRA.
- SIMPLE IRAs: May generally be transferred to a Traditional IRA after the applicable two-year participation requirement has been met.
- Roth IRAs: Multiple Roth IRAs may be combined into a single Roth IRA.
- Individual 401(k) Plans: Eligible Traditional IRA funds may be rolled into an Individual 401(k) plan if the plan accepts rollovers and applicable requirements are met.
Consolidation options and tax consequences depend on the account types and individual circumstances. Consult a qualified tax professional before initiating a transfer or rollover.
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Explore self-directed retirement account options that allow you to hold a broader range of allowable alternative assets.
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