New danger for IRA rollovers

submitted by E. Garrett Gummer, III, Esquire, and Maureen L. Anderson, Esquire, www.GummerElderLaw.com

There is now a big danger if you are rolling money over from one IRA into another IRA, as a result of a decision from the U.S. Tax Court.

Under federal law, you can only do one IRA-to-IRA rollover per year. If you try to roll over more than one IRA in a 365-day period, it is considered a distribution, and you will be subject to significant taxes and penalties.

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Consumer Troubleshooter

submitted by Bucks County Consumer Protection Agency

Q. I came home from work yesterday and checked the messages on my phone. One of the calls was from the IRS informing me that I owe money. They went on to imply that if I did not pay immediately, that they would be sending the police to arrest me. I know I do not owe the IRS any money but this phone call frightened me. What should I do? S.A. Doylestown.

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