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I have been trying to digest an IRS publication on IRAs and I'm not sure if I'm understanding it correctly. Can someone help?

I'd like to roll a 401K account into a Roth IRA. From what I understand, I first have to roll it into a traditional IRA, then I can roll it into a Roth. However, there seems to be a rule about only being able to rollover an IRA once in a twelve month period. Does this apply in this case? Does the roll from the 401K into the IRA count as one, and then roll into the Roth count as a second? If it does, I'm out of luck on being able to spread the taxable income out over 4 years. Bummer.

Does anyone have any insight on this? Thanks in advance ...

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