Before January 1, 2015, an individual could rollover a distribution from one IRA to another IRA in a nontaxable transaction if the rollover was completed within 60 days after the income was received. This could be done only once in any 1-year period. However, it was determined on an IRA-by-IRA basis. Starting January 1, 2015, the nontaxable distribution on rollover rule will be applied on an aggregate basis. So, no matter how many IRA accounts a person has, only one nontaxable rollover per year will be allowed.
As an accounting firm, LG&H is an essential service. For the safety of our clients and staff, our office is closed to the public and our staff is working remotely. We can be contacted via phone and email. All returns will be prepared and securely emailed or postal mailed to you. Since most returns are e-filed, we will provide you with a form 8879 for authorization. Please sign and email or fax it to us. If faxing or emailing is not available, we can make other arrangements for your authorization.
We want to extend all the best to you and your families in the troubling time. We are all dealing with many challenges, and will minimize the tax filing process as much as possible.
Sincerely
LG&H
Month: November 2014
12 Stillwater Ave • Bangor, ME, 04401 • 207-990-4585
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