I rolled over the funds in one of my IRAs to another financial institution. Later in the year, when a CD in another IRA matured, I also rolled it over to that other financial institution. Is this okay?

Unfortunately, you may only make one IRA rollover during any 12-month period, regardless of the number of IRAs you own. Because of this rule, your second rollover needs to be addressed now. If the second IRA was funded with tax-deductible contributions, then the entire amount is treated as a taxable distribution. If you are under age 59½, it’s subject to a 10% penalty unless a penalty exception applies. And, it’s treated as an excess contribution subject to a 6% penalty as long as the funds remain in the IRA; they need to be withdrawn. A trustee-to-trustee transfer from one IRA to another is the more advantageous way to change IRA investments. Unlike rollovers, trustee-to-trustee transfers are not subject to the once-in-12 months limitation.