Pacific Grove, CA New IRA Rollover Rules May Trip Many Seniors Up

There are new rule changes regarding IRA rollovers which many people are unaware of and may get us into trouble with the Internal Revenue Service (IRS).  This one is the one "that will catch people most off guard and create the most problems," Jeffrey Levine, IRA technical consultant for Ed Slott & Company, told Kiplinger's Retirement Report.  Starting this month, taxpayers can only perform one 60-day IRA rollover in a 12-month period, no matter how many they own.  Previously, the one-per-12 month rule could be applied to each IRA account.  You can avoid this rule by having the custodians of the IRA transfer the IRA directly to another institution rather than you closing it out and opening a new account.