dmertz
Level 15

Retirement tax questions

The one-rollover-per-year limit only applies to IRA-to-IRA rollovers, not to any rollover involving a 401(k).  However, you still want to do a rollover from one 401(k) to either another 401(k) or to an IRA by direct rollover to avoid mandatory 20% tax withholding on any amount otherwise paid to you personally from a 401(k).