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Submitted By: someone
Answered: January 9, 2023 1:31 am
Answered: January 9, 2023 1:31 am
I’m confused about the one-per-year limitation for making an IRA rollover. Can you explain?
If you take a distribution from an IRA and want to roll it over, you may only do this type of action once within a 12-month period. But there’s no limit on making direct transfers of IRA funds from one IRA account to another. This is handled by a trustee-to-trustee transfer. The financial institution to which you want to make a transfer will provide you with the necessary paperwork to complete it.
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Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
