November 22, 2014
Uncle Sam has made another decision that may irritate investors. A new ruling states that the one-rollover-per-year rule applies to all of a taxpayer’s Individual Retirement Accounts rather than to each IRA separately.
50 or so million households in the U.S. that own an individual retirement account could be affected according to investment experts.
For over 20 years the rollover method has applied on a “per-IRA” basis. In other words, if you have 10 IRAs, you can do 10 rollovers for every 12 months. That has now changed according to the Internal Revenue Service.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.