IRS Will Follow the Tax Court on One-IRA-Rollover-per-Year Rule

To settle the question of whether the limitation on rolling over one IRA per year under Sec. 408(d)(3)(B) applies to taxpayers on an aggregate basis or on an IRA-by-IRA basis, the IRS announced it will follow the a recent Tax Court's recent decision, applying the rule on an aggregate basis, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one rollover per year.

Second Rollover Is Taxable

The Tax Court held that where a taxpayer distributed and within 60 days repaid funds from two separate IRAs within a one-year period, only the first distribution and repayment was a nontaxable rollover.

Nonspouse Beneficiary Meets PPA ’06 Rollover Requirements

A is the sole primary beneficiary in E’s retirement plan, X. Prior to E’s death, the sponsors resolved to terminate X. E completed a “Termination Distribution Form,” selecting a direct rollover option to Y (his preexisting IRA), also naming A as the sole beneficiary. However, the rollover was not accomplished

Newsletter Articles


States look to unclaimed property for revenue

State audits of abandoned and unclaimed property (AUP) have exploded in recent years. This report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.


Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.