One year rollover Rule
I have several IRA Certificate of Deposits maturing from the same bank within a matter of weeks that I want to with draw and deposit in another bank. These CDs have different account numbers and there is no overall account number. Will I run afoul of the one rollover per year rule if I do this?
Permalink Submitted by Alan - IRA critic on Wed, 2013-08-14 23:09
No, but verify with the bank that these are each separate IRA accounts and that each distribution will generate it’s own 1099R, and you will not have a problem. Also, remember that the new CD IRAs also cannot issue a distribution for another year because they received a rollover distribution. The 12 months begins with the date of distribution that was rolled over. Therefore, if the new CD IRA is for a term less than 1 year, you would have to move the funds by direct transfer to avoid violating the one rollover rule.