Minutes ago, IRS Released new guidance on the Once-Per-Year IRA Rollover Rule

Minutes ago, IRS Released new guidanceon the Once-Per-Year IRA Rollover Rule

IRS released Announcement 2014-32

More to follow tomorrow, but for now, here’s what you need to know:

4 Major Updates:

1.    The NEW (more strict) once-per-year IRA rollover rules will apply beginning January 1, 2015

2.    IRA distributions taken in 2014 will not count against IRA distributions taken in 2015(for the new rules)

3.    The once-per-year IRA rollover rule applies in aggregate to ALL IRAs…including Roth IRAs!

4.    A check made payable to a receiving IRA will be treated as a trustee-to-trustee transfer and will NOT count towards to the once-per-year IRA rollover rule

As always please forward any questions to the office.

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