IRS Announcement 2014-32 Clarifies New IRA Rollover Rule

A recently released IRS announcement clarifies how the decision in Bobrow v. Commissioner, T.C. Memo. 2014-21 will be applied. Announcement 2014-32 explains that only one IRA rollover can be made tax-free each year, and that limitation applies to all IRA accounts held by the Taxpayer in the aggregate. The announcement also states that the new rule will not be applied until January 1, 2015.

See Jeffrey S Ashendorf, IRS Protection Against Upcoming Change in Rollover Rules, Ford Harrison, Nov. 11, 2014.