The IRS just slapped Alvan and Elisa Bobrow with taxes of $51,298 plus penalties of $10,260 for doing IRA rollovers too close together.
Note the term rollover. Do you know the difference between an IRA rollover and an IRA transfer? It’s an important difference, those two words.
The IRS allows an unlimited number of direct IRA trustee-to-trustee transfers every year; however, you can only do ONE IRA rollover per year. A recent court case involving Mr. and Mrs. Babrow changed a long-standingRead More