In a controversial new case, the Tax Court ruled that the once-a-year limit on IRA rollovers applied to all the traditional IRAs owned by the taxpayer, instead of applying the rule separately to each IRA. (Bobrow, TC Memo 2014-21) This contradicted the IRS’ own position stated in Pub. 590, Individual Retirement Accounts.
The IRS says it will hold off enforcing the new ruling until 2015. Specifically, the rule will be applied to rollovers of IRA distributions received after 12/31/14. Rollovers of distributions received in 2014 will be unaffected. (IRS Announcement 2014-15)