If you want to move funds from one IRA to another—say, for investment purposes—you can use a rollover, but only once a year. Under the Tax Court’s interpretation of a recent case, this applies to all your IRAs, not just one specific, separate IRA.

However, the once-a-year limit does not apply to trustee-to-trustee transfers between IRAs or rollovers from a traditional IRA to a Roth IRA. Consult your JMF tax adviser for guidance.