Thompson & Knight reports that the IRS has narrowed the rules relating to IRA rollovers by withdrawing longstanding proposed rules to reflect a recent U.S. Tax Court ruling in Bobrow v. Commissioner.  The new rule provides that only one rollover may be made per year per taxpayer rather than one rollover per year per IRA.  (Note: direct trustee-to-trustee transfers are not treated as rollovers for purposes of this rule.)

To read more, see Limitation on IRA Rollovers: Once Per Year Only | Thompson & Knight LLP – JDSupra.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.