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The U.S. Tax Court made a controversial ruling in January that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow, the court ruled that the one-rollover-per-year rule applies to all of taxpayer's individual retirement accounts (IRAs) in aggregate, rather than on an account-by-account basis. This ruling is significant for taxpayers with several IRA accounts.
Find some time in the midst of the holiday bustle to examine your tax situation for the year. Here are six potentially money-saving opportunities involving charitable contributions, investments, retirement plans, IRA distributions, medical expenses and college costs that must be acted on by Tuesday, December 31.