IRS Rollover

Happy New Year to all of our clients, family, and friends!! I hope you are all well and find this New Year to be healthy and safe.

I have started this weekly “blog” to help alert, educate, and inform everyone on law, accounting, and investment changes that affect all of us, which we have learned through our various associates and affiliates. My first subject is in regards to the new IRA rollover/transfer rules that the IRS has implemented for 2015. Please see the attached “rollover chart” for further clarification.

In the past, you had 60 days to rollover as many IRA distributions you received, as you pleased. With the new rule, you can only rollover one per year, tax-free. Your only other option is to do a direct transfer from one trustee/custodian to another utilizing the appropriate forms, and there is no limit. This is critical, or you will be taxed on the full amount of money, if you do more than one rollover per year.

Please call our office if you are confused, or have any questions regarding this important subject matter.

On a personal note, I had the great fortune of being asked for a quote for the “predictions of 2015” in the March edition of Forbes Magazine that will be on newsstands February 10th, which also happens to be my birthday, so it should be an exciting day!!!

Thank you to all of you for your loyalty and friendship,

Jim