A:

The limitation on rollovers applies on a per IRA basis. In general, if an IRA is involved in an IRA-to-IRA rollover, it cannot be involved in another IRA-to-IRA rollover within the next 12-month period. However, this does not prevent the IRA from being moved to another IRA as a trustee-to-trustee transfer. There are no limits on the amount of times you can move assets between your IRAs as a trustee-tot-trustee transfer. In order to transfer the assets, contact the new IRA custodian/trustee and it initiate the transfer. You should avoid having the current custodian issue a check to you as a distribution.



To learn more, read Common IRA Rollover Mistakes.



This question was answered by Denise Appleby
(Contact Denise)



RELATED FAQS
  1. Can I rollover a SEP IRA from one account into a traditional IRA at another broker ...

    I have a client who would like to rollover a SEP IRA at another firm into a traditional IRA at my firm. Is this possible/simple ... Read Answer >>
  2. How can we rollover a traditional IRA into a back door Roth IRA?

    My husband transferred his 401k to a traditional IRA in Nov 2015. Can he still transfer it to a back door IRA? ... Read Answer >>
  3. Can I return funds to my Traditional IRA after taking a distribution?

    If you take a distribution from your Traditional IRA, you can roll over the amount to the same Traditional IRA or another ... Read Answer >>
  4. What are the tax implications on an IRA conversion to a Roth?

    In 2015, a non-deductible contribution was made to a traditional IRA. On the same day, the amount was converted to a Roth ... Read Answer >>
  5. Can I rollover a SIMPLE IRA to a Roth IRA tax free?

    I am currently employed and my SIMPLE IRA has been in place for about 15 years. Can it be  Read Answer >>
  6. How should I rollover my SEP IRA?

    I have a SEP IRA that is employer funded (approximately $6,500/year). My SEP IRA, at my current financial institution, has ... Read Answer >>
Related Articles
  1. Retirement

    Avoid the Most Common IRA Rollover Mistakes

    Avoid paying excess taxes by learning some simple transfer rules.
  2. Retirement

    Why Rollover Your Retirement Assets into an IRA?

    If you're in the workplace now, chances are you'll ask yourself this question eventually: 'Should I rollover to an IRA?' Here's a guide.
  3. Retirement

    Avoid These Common IRA Rollover Mistakes

    Rolling over an IRA can lead to higher returns and other perks; but avoid these common mistakes.
  4. Retirement

    Avoid Taxes on IRA Rollovers

    For years, IRA owners have been allowed to roll over their money from one IRA to another once a year without penalty, for each IRA account they had. A tax court ruling in January 2014 has brought ...
  5. Retirement

    IRA Holders Face New Rules in 2015

    New rules for IRA holders mean less loopholes in 2015.
  6. Retirement

    11 Things You May Not Know About Your IRA

    These little-known features will help you get the most out of your retirement savings.
  7. Retirement

    Wealth-Building IRA Rollovers

    Rollovers allow your tax-deferred retirement assets to grow, even when the world around you is changing.
  8. Retirement

    Unexpected 1099-R Form: What To Do

    Did your IRA custodian report distributions you thought were non-reportable? Find out what went wrong.
  9. Retirement

    Moving Retirement Plan Assets: How To Avoid Mistakes

    Sometimes things go wrong in a simple transfer of funds. Make sure you know how to avoid penalties.
  10. Retirement

    How IRS Form 5498 Helps You

    If you have an IRA, you'll be getting this form. Here's the useful information it contains.
RELATED TERMS
  1. IRA Rollover

    A transfer of funds from a retirement account into a Traditional ...
  2. Rollover IRA

    A special type of traditional individual retirement account into ...
  3. IRA Transfer

    The transfer of funds from an Individual Retirement Account (IRA) ...
  4. Same Property Rule

    A regulation relating to IRA rollovers stipulating that whenever ...
  5. Revoked IRA

    An IRA holder may revoke an IRA within the 7 days after the IRA ...
  6. Traditional IRA

    An individual retirement account (IRA) that allows individuals ...
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center