The IRS recently changed its position on the rules regarding 60-day rollovers. Historically the IRS has held that the rule regarding 60-day rollovers applies to each IRA. In fact, on page 25 of the 2013 Publication 590, the IRS gives an example of this.
(1) The IRS position now is that an individual is entitled to one 60-day rollover in a twelve month period, regardless of how many IRAs the individual may have. THIS IS A SIGNIFICANT CHANGE. The IRS has provided transition relief in Announcement 2014-15 and Announcement 2014-32.
408(d)(3) provides one such exception – the rollover contribution – and spells out the requirements that must be met.