IRA “One Rollover Per Year” Rules Clarified
Earlier this year, the IRS clarified its position on the “one rollover per year” rule for IRAs after the issue was brought before the Tax Court. This does not involve trustee-to-trustee rollovers directly between brokers, but instead deals with the issue of a check issued directly to the taxpayer that is subsequently rolled over within the normal 60 day window. It says that the rule does not apply to indivual accounts, but to the aggregate IRAs held by a taxpayer. More can be read on this announcement here. This rule becomes effective in 2015.
