Last week, the IRS clarified its new position on IRA rollovers. One-a-year Limit on Rollovers, IR 2014-107 (Nov. 10, 2014). In short, the IRS will only allow one rollover per year between a person's IRAs-"An individual could not make an IRA-to-IRA rollover if he or she had made such a rollover involving any of the individual’s IRAs in the preceding 1-year period." Internal Rev. Bulletin 2014-16 (Apr. 14, 2014). The IRS will begin to follow the Tax Court's interpretation of the applicable IRA laws as set out in Bobrow v. IRS, T.C. Memo 2014-21 (Jan. 28, 2014) in January 2015.
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