The general rule under Internal Revenue Code Section 408(d)(3)(A)(i) is that a participant who receives a distribution from an IRA can avoid tax on the distribution if the distribution is rolled back into an IRA within 60 days after receipt.  However, this is limited to one distribution/rollover per one-year period.  The IRS had issued Proposed Regulation § 1.408-4(b)(4)(ii) and IRS Publication 590, Individual Retirement Arrangements (IRAs), each providing that this limitation is applied on an IRA-by-IRA basis.  However, in Bobrow v. Commissioner, T.C. Memo. 2014-21, the U.S. Tax Court held that the one distribution/rollover limit is applied on a taxpayer basis, not an IRA-by-IRA basis.  This means that, in a given one-year period, a taxpayer with multiple IRAs could receive only one distribution that is rolled over back into an IRA and have it excluded from gross income.  The IRS announced that it intends to follow this decision and will rescind its proposed regulation.  The IRS will not enforce this change in position until after at least January 1, 2015.  IRS Announcement 2014-15 can be found here.