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Application of OnePerYear Limit on IRA Rollovers Announcement This announcement addresses the applicati on to Individual Retirement Accounts and Individual Retirement Annuities collect ively IRAs of

Section 408d3Ai provides generally that any amount distributed from an IRA will not be included in the gross income of the distributee to the extent the amount is paid into an IRA for the benefit of t he distributee no later than 60 days after the d

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Application of OnePerYear Limit on IRA Rollovers Announcement This announcement addresses the applicati on to Individual Retirement Accounts and Individual Retirement Annuities collect ively IRAs of






Presentation on theme: "Application of OnePerYear Limit on IRA Rollovers Announcement This announcement addresses the applicati on to Individual Retirement Accounts and Individual Retirement Annuities collect ively IRAs of"— Presentation transcript:

Application of One-Per-Year Limit on IRA Rollovers on to Individual Retirement Accounts and Individual Retirement Annuities (collect the Internal Revenue Code and Section 408(d)(3)(A)(i) provides generally that any the distributee to the extent the amount he distributee no later than 60 days after the ovides that an individual is permitted to make only one rollover described in the preceding sentence in any 1-year Retirement Arrangements (IRAs)IRA basis. However, a recent Tax , T.C. Memo. individual could not make an IRA-to-IRA roinvolving any of the individual’s IRAs in the preceding 1-year period. The IRS llow the interpretation of § 408(d)(3)(B) in Bobrow accordingly, intends to withdraw the proposed regulation and revise Publication 590 to the extent needed to follow that interpretation. These actions by the IRS will not affect the ability of an IRA owner to transfer fundsbecause such a transfer is not a rollover and, interpretation of § 408(d)(3)(B). The IRS understands that adoption of the Tax Court’s interpretation of the statute will require IRA trustees to make changes in the processing of IRA rollovers and in IRA disclosure documents, which will take time to implement. Accordingly, the IRS will not apply the Bobrow § 408(d)(3)(B) to any rollover that involves1, 2015. Regardless of the ultimate resolution of the Bobrow Department and the IRS expect to issue a proposed regulation underapplies on an aggregate basis. However, in no The principal author of this announcement is Roger Kuehnle of the Employee announcement may be sent via e-mail to