“The case of Bobrow v. Commissioner places new limits on a maneuver known as an IRA rollover. The court ruled that taxpayers can only do one rollover per 12-month period. Prior to the ruling, the IRS had long allowed—and officially sanctioned in Publication 590—doing one rollover per IRA in every 12-month period. For example, this meant that if someone had two separate IRAs, they could perform two rollovers each 12-month period. The new ruling, however, throws this completely out the window despite the fact that it had appeared in IRS guidance. Now you can only have one rollover in a 12-month period, regardless of how many retirement accounts you have.”
http://www.internationalman.com/articles/the-next-shot-has-been-fired-at-your-ira
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