IRA Rollover 60 days Rule revised for 2015

An IRA Rollover is when you have a check from your IRA made out to you, not a new custodian.  Having a check made out to you and ultimately redeposited to a new custodian within 60 days is allowed.  However, you can only do this once in 365 day period of time – across all IRA accounts in your name*.  The IRA rollover 60 days rules are seriously revised for 2015 and beyond.  What you may have thought to be true is no longer true.

One solution to avoiding the new once-per-year IRA Rollover 60 days Rule: moving IRA funds via direct transfer. You can make unlimited direct (trustee-to-trustee) transfers between IRAs because they are not considered rollovers.

Special Note: IRS has no authority to allow you to fix violations of the once-per-year rollover rule like they can for some 60-day rollover violations.

* Rollovers inherited IRAs is not permitted.  A spouse may be qualified for an exception.

Do you have any questions about a possible IRA rollover and want to make sure you are following the new rules? Give our office a call to schedule an appointment.  866-589-9366IRA Rollover 60 days Rule