I’ve been looking at the IRS publication 970 and couldn’t get a definitive answer to this question - does rule permitting only one rollover in 12 months without penalty count both transfers into and out of a beneficiary’s account, or does it only apply to multiple transfers into the account? If you have a link that clarifies this, I’d appreciate it. Thank you.
“If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary.”
It only says “to” not from