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Ruling changes allowed IRA rollovers

Individuals with multiple individual retirement accounts, or IRAs, will have to be more careful now when moving money between their traditional IRAs. 

Starting as early as Jan. 1, 2015, anyone with an IRA will be allowed to make only one non-taxable rollover in a 12-month period to another or the same IRA, no matter how many IRAs a taxpayer has. 

The U.S. Tax Court made the new rollover ruling earlier this year, but the IRS is waiting until at least Jan. 1, 2015, to implement the ruling to give IRA owners and trustees time to adjust, according to an IRS announcement. The tax court ruling changes long-standing guidelines in the IRS Publication 590 that said a rollover from one IRA to another would not affect a rollover involving other IRAs of the same individual. 

The ruling doesn’t affect trustee-to-trustee transfers, as those transfers don’t count as a rollover because they don’t pass through a taxpayer’s hands. A rollover from a qualified retirement plan, such as a 401K plan, also doesn’t count.

Because the rollover ruling applies to a 12-month time period, and not any particular calendar year, taxpayers will have to be diligent when making rollover decisions, financial experts advise.

For more information about the new IRS guidelines on IRA rollovers, consult a tax professional or your accountant.

West branch/Main office

 8404 W. Kellogg Dr.
Wichita, KS 67209
Phone: (316) 722-3921          Fax: (316) 722-0920
Toll free in Kansas: 800-366-6228

Lobby: Monday – Thursday 9:00 a.m. – 5:00 p.m.
Friday 9:00 a.m. – 6:00 p.m.
Saturday 9:00 a.m. – Noon

Drive-Thru: Monday – Friday 7:00 a.m. – 7:00 p.m.
Saturday 8:00 a.m. – 2:00 p.m.

 

South branch - 31st & Meridian

 2433 W. 31st St. South, Wichita, KS 67217
Phone: (316) 942-7326      Fax: (316) 942-8127

Lobby: Monday – Thursday 9:00 a.m. – 5:00 p.m.
Friday 9:00 a.m. – 6:00 p.m.
Saturday 9:00 a.m. – Noon

Drive-Thru: Monday – Friday 7:00 a.m. – 7:00 p.m.
Saturday 8:00 a.m. – 2:00 p.m.

 

Sedgwick County Branch

 525 N. Main, Wichita, KS 67203
First floor of Sedgwick County Courthouse
Phone: (316) 383-7999      Fax: (316) 383- 7850

Lobby: Monday – Friday 9:30 a.m. – 5:30 p.m.

 

NE branch - 29th & Webb

 2993 N. Webb Road
Wichita, KS 67226
Phone: (316) 779-0062         Fax: (316) 634-1149

Lobby: Monday – Thursday 9:00 a.m. – 5:00 p.m.
Friday 9:00 a.m. – 6:00 p.m.
Saturday 9:00 a.m. – Noon

Drive-Thru: Monday – Friday 7:00 a.m. – 7:00 p.m.
Saturday 8:00 a.m. – 2:00 p.m.

Lawrence Branch

2901 Lakeview Road
Lawrence, KS 66049

Phone: (785) 865-4586 Fax: (785) 843-5073

Lobby: 9 a.m.-4:30 p.m. Monday-Friday

 

Larned Branch

114 W. 5th St., Larned, KS 67550
Mailing address: PO Box 305, Larned, KS 67550
Phone: (620) 285-2026      Fax: (620) 285-2753

Lobby: Monday – Friday 9:00 a.m. – 5:00 p.m.

Ark City Branch

 1610 N. Summit, Arkansas City, KS 67005
Phone: (620) 442-5811      Fax: (620) 442-5637

Lobby: Monday – Thursday 9:00 a.m. – 5:00 p.m.
Friday 9:00 a.m. – 6:00 p..m.
Saturday 9:00 a.m. – Noon

Drive-Thru: Monday – Thursday 8:30 a.m. – 5:00 p.m.
Friday 8:30 a.m.-6:00 p.m.
Saturday 8:30 a.m. – Noon

 

Mid American Credit Union8404 West Kellogg DriveWichita, KS 67209316.722.3921Fax 316.722.0920Privacy Policy