Jun
17
Following Court Ruling, IRS Clarifies IRA Rollover Rule
A U.S. Tax Court ruling on IRA rollovers has the IRS changing its longstanding position. In January of this year the U.S. Tax Court ruled that the "once a year" IRA rollover rule applies to all of an individual's IRAs, not to each separately. The court's decision conflicts with a longstanding IRS position (as outlined in IRS Publication 590) that states the rule applies separately to each IRA owned, thus allowing multiple rollovers if taken from separate accounts during a 365-day period -- as opposed to a calendar year period. For its part, the IRS had not publicly indicated how it would handle the court's decision until recently, when it announced that it would uphold the court's decision and revise its rules and publications...
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