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.

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Tax Glossary

Revenue ruling

A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.

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