Bonnie is getting close to retirement and realizes she has three different IRA accounts at three different financial institutions. To make life simpler, Bonnie wishes to con-solidate her three IRAs into a single account in 2018 using trustee-to-trustee direct rollovers. How many rollovers of this type can Bonnie make in 2018?a. Oneb. Twoc. Fourd. Tene. There is no limit

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Asked Nov 8, 2019
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Bonnie is getting close to retirement and realizes she has three different IRA accounts at three different financial institutions. To make life simpler, Bonnie wishes to con-solidate her three IRAs into a single account in 2018 using trustee-to-trustee direct rollovers. How many rollovers of this type can Bonnie make in 2018?

a. One

b. Two

c. Four

d. Ten

e. There is no limit

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Expert Answer

Step 1

Generally, Bonnie cannot make more than one rollover from the same IRA within a 1-year period. She also cannot make a rollover during this 1-year period from the IRA to which the distribution was rolled over.

 

Beginning after January 1, 2015, Bonnie 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 she own.

 

Exception to the ...

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