Limit on direct IRA transfers in one calendar year

Submitted by Whodiini on Thu, 2023-11-30 05:07

I made 2 direct transfers this year and am not sure if this is allowed.

Transfer 1: Source was a variable annuity funded initially from an IRA. I transferred all of the funds to a IRA rollover account directly.

Transfer 2: Source was a IRA at one institution. I transferred shares in a mutual fund within the IRA to a different institution directly.

Question: Does this run afoul of the rule that only 1 IRA transfer can be done within a calendar year? Technically I do not know if the variable annuity is considered an IRA even if initially funded by an IRA.

Question: If so, will I be able to reverse the second transfer if done within the same calendar year?

The IRA rules are so complex….

Thanks!

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Permalink Submitted by Whodiini on Thu, 2023-11-30 05:09

In transfer 2, it was from one IRA to another IRA at a different institution. I wasnt clear in hte first post.

Permalink Submitted by Whodiini on Thu, 2023-11-30 05:19

After reading the IRS rules, I may have been too loose with the wording.Since I did not get any checks, I believe I did not do a rollover, I did two trustee-to-trustee IRA transfers and therefore do not fall under the IRA one-rollover-per year rule. Is that correct?