The Internal Revenue Service on Wednesday issued guidance reflecting a change made earlier this year by a tax court ruling that said IRA holders can do only one IRA-to-IRA rollover per year.
Until year-end, the IRS said, the one-per-year limit applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs).
Beginning next year, the limit will apply by aggregating all of an individual's IRAs, effectively treating them as if they were one IRA for purposes of applying the limit, the IRS said.
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