Hi there! I'm not sure if you're referring to rolling multiple 401K accounts into various IRAs, splitting one 401K between several IRA accounts, or rolling a 401K to one IRA, then changing your mind and rolling it to another.
However, I can tell you that the once per year rule does not apply to a 401K rollover, and you can roll over multiple 401K accounts (or other qualified plans) to a Roth IRA in a year. These are typically done as a direct (or trustee to trustee) rollover, which means the check is made payable to the new plan, not to you personally. Therefore its not considered a distribution.
(If you do 60 day rollovers, which involve withdrawing funds from an IRA or Roth IRA and depositing it in a new one within 60 days, you would be limited to once per year. The consequence of this would be paying income tax plus a 10% penalty on the distribution, and potentially also an excess contribution penalty. )
Thanks.
I am referring to rolling over the same 401K plan to the same or several different ROTH IRA's
or regular IRA's over the course of one tax year but in chunks.
Does your reply still hold for the above?