Recently, the Internal Revenue Service (IRS) issued additional guidance (IR-2014-107) with regard to the new “One-Per-Year” Limit on IRA rollovers, which goes into effect on January 1, 2015.

1. The U.S. Tax Court decision, made earlier this year, will limit an individual to making only one tax-free rollover in any one-year period, even if the rollovers involve different IRAs.

2. A rollover between an individual’s Roth IRAs will preclude a separate tax-free rollover between the individual’s Traditional IRAs, and vice versa.

3. The new limit does not apply to Roth conversions, rollovers from qualified plans to IRAs, or funds transferred from one IRA to another IRA via a trustee-to-trustee transfer.