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Hi and welcome to Just Answer!You are correct - there is so-called "One-Year Waiting Rule" - means - within one year, after you rollover any part of the IRA to another IRA, you cannot make another rollover from the same IRA to another IRA.However - the One-Year Waiting Rule does not apply to eligible rollover distributions from an employer plan - like 401k plan. It does not apply to Roth IRA conversions. See for reference IRS publication 590 page 24 - Waiting period between rollovers - http://www.irs.gov/pub/irs-pdf/p590.pdf
Specifically for rollovers from the 401k plan - see IRS publication 575 page 27 - http://www.irs.gov/pub/irs-pdf/p575.pdfAs we see - there is no limit on number of rollover transactions.