IRA Once-Per-Year Rollover Rule Clarified

IRS announced a change, this week, in the application of the one-per-year rule applicable to IRA rollovers, occasioned by a recent decision of the Tax Court.

Starting January 1, 2015, an individual will be allowed one rollover per year, regardless of how many different IRAs he owns – the limitation will apply by forcing the taxpayer to aggregate all of his IRAs, effectively treating them as if they were one IRA for purposes of applying the limit.  See IR-2014-107 for the details.