Review Publication 590 of the Internal Revenue Service to find rules regarding IRA transfers, as the IRS explains. The section entitled "Can You Move Retirement Plan Assets" contains information specific to transferring funds between, into and out of IRA accounts.
As of 2015, the most recent edition of Publication 590 was written for the 2013 tax year. Most of its provisions still apply, but such updates as Publication 590-A and Announcements 2014-15 and 2014-32 also have to do with IRA transfers. Starting with the 2015 tax year, one significant change to the rules concerning IRAs is the limit on rollovers to one per year regardless of how many IRAs a person owns. The limit applies by combining all of person's IRAs and handling them as one for the limit, as explained by the IRS.
Understanding the way the IRS governs IRAs is important because violating the rules can bring hefty penalties that jeopardize an individual's savings. For example, people who violate the one-rollover rule can end up including subsequent amounts as gross income that year as well as paying a 10 percent tax for early withdrawal on that income. Even paying amounts into another IRA can bring the penalty of making an excess contribution, which results in a 6 percent yearly taxation as long as that amount remains in the IRA, according to the IRS.