Tuesday, January 6, 2015

IRS Changes Rules On IRA to IRA Rollovers

IRS Changes Rules On IRA to IRA Rollovers:

In a recent US Tax Court case, Bobrow v. Commissioner, the Tax Court ruled that all IRAs of a taxpayer should be looked at together when it comes to the one-rollover-per-year rule. Based on IRS guidance, IRAs include every type of IRA (traditional, Roth, SEP and SIMPLE). Prior to The Bobrow case, the IRS had applied this only on a per IRA basis.

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