Greetings! I trust that this will find you well and enjoying life.
Starting in 2015, new rules will permit only one rollover per year from one traditional IRA to another traditional IRA. The new provision is designed to discourage IRA owners from taking temporary tax-free loans from their IRAs via multiple rollovers of consecutive 60-day periods.
For example, say a homeowner needed a down payment for a new home before the sale of his previous home was settled. He may take a direct distribution from his IRA and then pay it back within 60 days, once he received the settlement funds from his old house. If escrow was delayed, he may then take a distribution from another IRA to pay off the first one — and so on. Starting in 2015, however, a taxpayer who owns multiple traditional IRA accounts may conduct only one rollover per year using the 60-day replacement strategy. Note that the new rules will not apply to direct trustee-to-trustee transfers or IRA to Roth IRA conversions.
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