Since 2014-15, the IRS only allows one IRA rollover per 12-month period and what does not apply...

*Please, we are not tax professionals and highly advise consultation with your tax professional or one we can connect you with, here locally.

The IRS, in Announcement 2014-15, has indicated it will follow the recent Tax Court decision in Bobrow v. Commissioner, which held that a taxpayer may make only one tax-free, 60-day rollover between IRAs within each 12-month period, regardless of how many IRAs he or she maintains. However, the IRS will not apply this new interpretation to any rollover that involves an IRA distribution occurring before January 1, 2015.

IRA one-rollover-per-year rule: 

You generally cannot make more than one rollover from the same IRA within a 1-year period. You also cannot make a rollover during this 1-year period from the IRA to which the distribution was rolled over.

Beginning after January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.

The one-per year limit does not apply to:

• rollovers from traditional IRAs to Roth IRAs (conversions)
• trustee-to-trustee transfers to another IRA
• IRA-to-plan rollovers
• plan-to-IRA rollovers
• plan-to-plan rollovers

Possible tax ramifications:

• you must include in gross income any previously untaxed amounts distributed from an IRA if you made an IRA-to-IRA rollover (other than a rollover from a traditional IRA to a Roth IRA) in the preceding 12 months, and
• you may be subject to the 10% early withdrawal tax on the amount you include in gross income.

The irony of this action by the IRS, reasons to switch IRA's in numerous volumes are pretty much nonexistent. Maybe this is to protect the consumer or saver, and if it is, it probably deserves applause. 

Since 2014-15, only one IRA rollover allowed during 12-month period: