Submitted By: someone
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.

Tax Glossary

Standard deduction

A fixed deduction allowed to taxpayers who do not itemize deductions. The amount depends on filing status, age, and blindness.

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