The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (Announcement 2014-32).
Sec. 408(d)(3)(A)(i) permits a tax-free rollover of funds in a taxpayer’s IRA as long as the amount distributed to the taxpayer is paid into an IRA for the taxpayer’s benefit within 60 days, subject to the one-rollover-per-year limit of Sec. 408(d)(3)(B). Prior IRS guidance had applied this rule on an IRA-by-IRA basis. However, the Tax Court in Bobrow, T.C. Memo. 2014-21, applied the rule on an aggregate basis, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one rollover per year. In March, the IRS announced it would follow the Bobrow decision (see prior coverage here and here).
The application of the one-per-year limit on an aggregate basis will start in 2015, meaning that an individual receiving an IRA distribution on or after Jan. 1, 2015, cannot roll over any portion of the distribution into an IRA if in the preceding one-year period the individual has received a distribution from any IRA that was rolled over into another IRA. As the IRS specifically noted in Announcement 2014-32, a rollover between an individual’s Roth IRAs would preclude a separate rollover within the one-year period between the individual’s traditional IRAs, and vice versa.
The announcement also contains a transition rule. For 2015, the IRS will disregard a distribution occurring in 2014 that was properly rolled over to another IRA, in determining whether a 2015 distribution can be rolled over, as long as the 2015 distribution is from a different IRA that neither made nor received the 2014 distribution. The aggregation rule will apply to distributions from different IRAs only if each distribution occurs after 2014.
The IRS made it clear that this new rule does not apply to Roth conversions, trustee-to-trustee rollovers, or rollovers between qualified plans and IRAs. It also explained that trustee-to-trustee rollovers include both direct transfers between trustees and rollovers where IRAs issue checks payable to the IRA trustee. The IRS is encouraging IRA trustees to offer to do direct rollovers to individuals requesting rollover distributions so that account holders will not be subject to these rules.
高顿网校小编为您介绍美国各所大学：宾夕法尼亚大学
宾夕法尼亚大学（University of Pennsylvania ），简称宾大，位于宾夕法尼亚州的费城，是美国一所著名的私立研究型大学，八所常青藤盟校之一。创建于1740年，是美国第四古老的高等教育机构，也是美国*9所从事科学技术和人文教育的现代高等学校。独立宣言的9位签字者和美国宪法的11位签字者与该校有关。本杰明·富兰克林是学校的创建人。宾夕法尼亚大学University of Pennsylvania 在艺术、人文、社会科学、建筑与工程教育上处于领先地位，其中最为知名的学科是商学、法学与医学。学校拥有约4,500名教授，近 10,000名全日制本科生与11,000多名研究生。2012年学校的科研经费达到9.23亿美元，从事研究的人员包括约4,200名教职工， 870名博士后，3,800名研究生与5,400多名技术人员。同时，学校每年的建设投入达到4亿美元以上，在著名的常春藤盟校中名列前茅。宾夕法尼亚大学是是美国大学协会的14所创始校之一，位于美国第五大城市费城。它由美国著名科学家和政治家、独立宣言起草之一，避雷针、富兰克林炉及远近两用眼镜等的发明者本杰明·富兰克林创办于1740年。由于其对美国的巨大贡献，学校的创始人本杰明·富兰克林的头像被印刷在100美元的钞票上。
来源：AICPA China
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