New Rules on Tax-Free IRA Rollovers

December 24, 2014 / Taxes

Through the end of 2014, an individual may rollover each IRA he or she owns into a new IRA one time and avoid paying tax on the rollover(s).  Beginning in 2015, all IRAs owned by the taxpayer will be treated as one IRA for tax-free purposes.  Therefore, only one tax-free rollover will be allowed in future tax years.  Rolling over multiple IRAs will create taxable events.

For full details, visit the IRS website