An indirect rollover occurs when the account holder takes custody of the assets. They then have a 60 day window to deposit the assets into the new IRA. Recently, the IRS ruled in favor of putting restrictions on the number of indirect IRA rollovers you can do each year.
Previously, within a 12 month period you could perform an indirect rollover for each IRA account owned. However, as reported by Financial Advisor magazine, “Starting January 1, 2015, the 12-month rule applies to all IRAs a taxpayer owns collectively. (Rollovers completed in 2014 won’t be affected.)”
For a full brief of the new guidelines see:
- The Internal Revenue Service’s summary, “IRA One-Rollover-Per-Year Rule.” (http://www.irs.gov/Retirement-Plans/IRA-One-Rollover-Per-Year-Rule)
- Financial Advisor Magazine, “Why The IRS Is Limiting The Number Of IRA Rollovers.” (http://www.fa-mag.com/news/why-the-irs-wants-you-to-watch-your-ira-rollovers-17715.html)