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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