People used to believe that taxpayers could roll over as
many IRAs as they wanted, providing that they waited one year before rolling
over the same account again. A new law put in place by the United States Tax
Court, however, puts the kibosh on that theory. Now, the law clarifies,
taxpayers can only engage in one tax
free IRA rollover per year. So, even if a
taxpayer has eight IRAs, he can only roll over one within a one year period.
While may professionals working in the tax and financial
industries argue that the new IRA rollover
law will only affect very wealthy individuals and not the “average citizen,”
it’s still worthwhile to understand how this law will affect you, especially if
you have or were planning on opening multiple IRAs.
If you’d like more information on the new IRA law or if
you’d just like to learn more about IRAs in general, contact the friendly
experts at Platinum Financial Associates of Naperville.
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