Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.
• Trustee-to-trustee transfers between IRAs are not limited
• Rollovers from traditional to Roth IRAs (“conversions”) are not limited
Transition rule ignores some 2014 distributions
IRA distributions rolled over to another (or the same) IRA in 2014 will not prevent a 2015 distribution from being rolled over, provided the 2015 distribution is from a different IRA involved in the 2014 rollover.