Multiple IRAs

How does the waiting period between IRA rollovers apply if I have multiple IRAs?

The rules on multiple IRAs are illustrated with the following multiple IRAs example. Assuming no other IRA rollovers within the past 12 months, if you have two multiple IRAs (say multiple traditional IRAs), IRA -1 and IRA -2, and makes an IRA rollover of a distribution from IRA -1 into a new traditional IRA (IRA -3), you can also make a tax free IRA rollover of a distribution from IRA -2 into IRA -3 (or into any other traditional IRA).

These can both be tax free IRA rollovers because you have not received more than one IRA rollover distribution from either IRA within 1 year. However, you cannot, within the 1-year period, make an IRA rollover of any distribution from IRA -3 into another traditional IRA.

Must the same property received as an IRA distribution be rolled over?

Yes.

The same property received must be turned into Rollover IRA.

If the IRA rollover distribution was in cash then only cash can be rolled over, not property of equivalent value.

If property is distributed from a qualified retirement plan and the  rollover IRA is completed by contributing that property to an IRA, the IRA rollover is tax deferred only if the property contributed is the same property that was distributed.

No substitution is permitted, not even replacing a stock certificate with a different certificate for the same number of shares. If the property is sold, the proceeds of the sale can be rolled over.

The IRA owner cannot substitute his or her own funds for property received and keep the property. Any income received while the property is owned outside the qualified plan or IRA belongs to the owner individually and cannot be rolled over. Thus, if a dividend record date falls while the stock is outside of the IRA or qualified plan the dividend amount is not eligible for rollover.

If the record date falls when the shares are registered under the qualified retirement plan, and the dividend amount is distributed at a later time, the amount is eligible for rollover within 60 days of receipt.