The Internal Revenue Service is providing transition relief to owners of individual retirement accounts and individual retirement annuities relating to the application of a one-rollover-per-year limitation of the Tax Code.
Announcement 2014-15 provides transition relief for IRA holders who would be affected by the one-rollover-per-year limitation in Section 408(d)(3)(B) of the Tax Code, which generally provides 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 of the distributee’s benefit, no later than 60 days after he or she receives the distribution. An individual is permitted to make only one rollover in any one-year period. In a proposed regulation and in Publication 590, “Individual Retirement Arrangements,” the limitation is applied on an IRA-by-IRA basis.
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