2023 Taxes Cheat Sheet - Flipbook - Page 8
Retirement Plan Rollover & Transfer Rules
Source: Internal Revenue Service Website
www.irs.gov/publications/p590a/ch01.html#en_US_2015_publink1000230563
Last Accessed November 1, 2018.
Important Note: The Internal Revenue Service issued guidance clarifying the impact a
2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit
imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The
clarification relates to a change, announced earlier this year, in the way the statutory oneper-year limit applies to rollovers between IRAs. Before 2015, the one-per-year limit
applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs).
Beginning in 2015, the limit will apply by aggregating all of an individual’s IRAs,
effectively treating them as if they were one IRA for purposes of applying the limit.
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