Starting January 1, 2016 you can only make one rollover from your IRA to another IRA in a 12-month calendar period. A rollover is described as withdrawing the funds from one IRA, holding them for less than 60 days and then depositing them into another IRA account.


Taxpayers can still make as many trustee-to-trustee transfers as they like over the course of a year. (That means you can tell Bank “A” to send your IRA funds to Bank “B” — the money is never actually withdrawn and in your possession.) If you roll over more than one IRA, the withdrawals after the first will be taxed to you at regular rates, plus potentially a 10 percent early withdrawal tax. In addition, this disallowed rollover will be subject to the regular IRA contribution limits. If the rollover amount exceeds your allowable IRA contribution it will be treated as an excess contribution and subject to a 6 percent excise tax. The takeaway: Withdraw IRA funds with great care and attention in 2017 and going forward.