In the old days, you could rollover your IRA assets as often as you wanted to. Those days are long gone and some IRA owners forget about the new limitation that went into effect last year.
Beginning in 2015, rollovers among IRAs became limited to ONE rollover per year regardless of how many IRAs you have. According to IRS Announcements 2014-15 and 2014-32, this rule does not apply to Roth conversions nor does it apply to a rollover from a qualified plan (such as a 401(k)) to an IRA.
Practice tip: Trustee-to-trustee transfers are still unlimited so whenever you move funds from one IRA to another, always do it via trustee-to-trustee transfer – this is not only a simple process but it will help you avoid violating this restrictive rule. A trustee-to-trustee transfer also eliminates the potential for missing the IRA 60-day rollover deadline!