How do you move money from one I.R.A. to another? Best way is to make a direct transfer—letting the trustee move the money directly to another trustee. There are no limits to how many times and from how many I.R.A. accounts you can transfer funds.
But once the money touches your hand—if you withdraw funds planning to roll them over tax-free to another I.R.A. within 60 days—there are limits: only one rollover is permitted every 12 months. (Not a calendar year, but a 12-month period from the first rollover.)
Traditionally, that rollover limit was assumed to be per I.R.A., and IRS publications agreed with that stand. Recently, though, the IRS Tax Court ruled that the limit is not per I.R.A. account but per taxpayer. The issue has raised such confusion that the IRS has declared a period of leniency: new regulations will follow the tougher ruling, but not until January 1, 2015.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

http://www.nickersonpa.com/