Can you return IRA money not needed

Forum|Forum|10 months ago
May 13, 2025
4 replies
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Withdrew money for a auto but changed my mind and want to but it back

Bsch4477

Employee

You can return it within 60 days of the withdrawal.

Opus 17

Employee

Within 60 days, you can return it to the same IRA, or deposit it in a different IRA. This would be an "indirect rollover" and you can do this once per calendar year. You will get a 1099-R that you have to report, and you tell the program it was a rollover.

If more than 60 days, it is a withdrawal and you have to pay the tax (and penalty.)

dmertz

Employee

@Opus 17 , the rollover limitation is NOT a calendar-year limitation. The limitation is that no IRA distribution can be rolled over to a like-kind (traditional or Roth) IRA in the one-year period beginning on the date of a previous IRA distribution that was rolled over to a like-kind IRA.

rjs

Employee

If you do a rollover, you cannot do another rollover within a one-year period from the date of the distribution (withdrawal) that you rolled over. See "Waiting period between rollovers" in IRS Publication 590-A for details.

For example, if you took money out of an IRA on April 10, 2025, and rolled it over to the same IRA or a different IRA within 60 days, you cannot do another rollover until April 10, 2026. It is not by calendar year.

VolvoGirl

Employee

And if you put it back within the 60 days you should replace any withholding taken out from other money or the withholding will become a distribution and taxable and a 10% early withdrawal penalty if you are under 59 1/2.