Re: Rolling over a IRA multiple times?

ROMARY · ‎04-28-2010

Go to the IRS site, and if you have to, call them and/or visit a local IRS office. Lots of good luck to you.

'More or less', 'Right or wrong', 'In general', and 'Just thinking out loud ' (as usual).

SaRina · ‎04-17-2015

As far as I know, you may not roll over an IRA any more frequently than once per year. There are severe penalties for doing so unless, of course, this regulation has changed.

Please do not rely on information from a financial house as I was royally screwed by someone who did not know about this rule. I had months and months of aggravation to undo the mess he created for me. Your best bet is to verify the regulation with the IRS.

ROMARY · ‎04-28-2010

'I didn't want to say anything', but one cannot rely on bank employees to know all of the IRS rules, and how they pertain to folks when they have multiple IRA's, DPS's, and everything in-between. Go to the IRS site or talk with someone in their SEP/IRA department.

'More or less', 'Right or wrong', 'In general', and 'Just thinking out loud ' (as usual).

Ms X · ‎09-13-2012

Kathypet: Ask a CPA. I have one who does my taxes and would answer a question like that during the year at no charge.

magicmoodz · ‎03-16-2010

@SaRina wrote:
As far as I know, you may not roll over an IRA any more frequently than once per year. There are severe penalties for doing so unless, of course, this regulation has changed.

Please do not rely on information from a financial house as I was royally screwed by someone who did not know about this rule. I had months and months of aggravation to undo the mess he created for me. Your best bet is to verify the regulation with the IRS.

I believe the once per year rule is correct, but I would advise checking with a financial advisor. Also, I believe costs are incurred for each account closed (rolled over). Even financial advisors don't always divulge this information if they will benefit from the new investment.

KathyPet · ‎03-09-2010

I checked on the IRS website and the once a year rule does not apply if you are doing a trustee to trustee transfer. So as long as the new financial institution (bank, credit union, brokerage house) sends the paperwork directly to the financial institution where the IRA is currently located and the money is transferred directly to the new institution and never passes through my hands you can transfer as frequently as you want.