The IRS has issued guidance clarifying the impact that a 2014 rollover of an individual retirement arrangement has on the one-per-year limit imposed by the Tax Code on tax-free rollovers between IRAs.

The clarification relates to a change, announced in April, in the way the statutory one-per-year limit applies to rollovers between IRAs. The change in the application of the one-per-year limit reflects an interpretation by the U.S. Tax Court in a January 2014 decision applying the limit to preclude an individual from making more than one tax-free rollover in any one-year period, even if the rollovers involve different IRAs.

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