IRA Tax-Free Rollovers Annual Limit

As I have previously discussed, the new rule that only one tax-free IRA rollover may be made by any IRA held by the taxpayer in one year, is now in effect as of January 1, 2015. The rule and explanatory material published by the IRS has not distinguished between an IRA set up by the taxpayer or one inherited as a surviving spouse. It is important for spouse’s remember to include all IRAs, included those inherited, when evaluated the tax consequences a roll-over.

See Seymour Goldberg, IRA Rollover Limit May Lead to Tax Penalties for Clients, Accounting Today, Apr. 2, 2015.