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IRA Rollover Regulation Change

January 06, 2015

Beginning January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. You can, however, continue to make as many trustee-to-trustee transfers between IRAs as you want. You can also make as many rollovers from Traditional IRAs to Roth IRAs (“conversions”) as you want.

Tax Consequences

  • You must include in gross income any previously untaxed amounts distributed from an IRA if you made an IRA-to-IRA rollover in the preceding 12 months.
  • You may be subject to the 10% early withdrawal tax on the amount you include in gross income.

Only Rollovers Will Be Affected

This change won’t affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn’t a rollover. The one-rollover-per-year rule only applies to rollovers.

If you have any questions regarding your IRA account at Manasquan Savings Bank, please contact your local branch for assistance.


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