I have a situation in which a client was divorced and received 50% of her ex-husbands SIMPLE IRA. The custodian opened an IRA in her name and transferred the ex-husbands SIMPLE IRA funds into the IRA. My client has a small SIMPLE IRA with her current employer and has a desire to have all of the money in a single account vs. separate IRA and SIMPLE IRA.
Can we transfer the new IRA (funded only from ex hubby SIMPLE) into her existing SIMPLE IRA? What are the pitfalls?