For years, the IRS interpreted the IRA rules to allow
taxpayers to do one rollover per year in each IRA he or she owned. In doing a
rollover, the taxpayer is not taxed on the funds taken from the IRA so long as
the funds are redeposited into an IRA within 60 days of the withdrawal.
A recent court ruling stated that the rollover limit
should be applied on an aggregate basis, meaning that only one rollover per
year is allowed for all IRAs owned by the taxpayer, not one for each. The
change becomes effective January 1, 2015.
Contact us at (518) 798-3330 for assistance before planning any IRA rollover
to be sure you don't end up with a tax surprise.
