Trustee-to-Trustee transfer rules for IRAs
I believe I read in a past posting that the once per year rule for IRA rollovers doesn’t apply to direct transfers among different custodians. In other words, can I transfer my IRA to another custodian if it has only been with the current custodian for 11 months?
Permalink Submitted by Alan Spross on Mon, 2010-05-24 21:11
Yes, you can directly transfer funds as many times as you wish. Direct transfers do NOT count for purposes of the one rollover per 12 months rule. In addition, you should not get a 1099R for an IRA to IRA transfer and therefore will not have to report a rollover on your tax return.