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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I rolled over my 401K (May 2013) to a brokerage ira. Now I

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I rolled over my 401K (May 2013) to a brokerage ira. Now I want to transfer that money to a bank cd at another institution. Can you do 2 transfers in the same year? I remember I had a problem with the IRS years ago. I am 68 yrs old.

Lev :

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 -

Lev :

Specifically for rollovers from the 401k plan - see IRS publication 575 page 27 -
As we see - there is no limit on number of rollover transactions.

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