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If I withraw money from an IRA, for the Down Payment on a Condo, can I replace it without paying any additional taxes?

Forum|Forum|7 years ago
June 6, 2019
3 replies
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If so, ... what is the timeframe to replace into the same IRA without paying additional taxes on the withdrawal?

Is there a maximum amount I can withdraw and replace within the same IRA.

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Best answer by AmyT

The rollover window (which can also be used as a short-term loan window) is 60 days.

Any funds that you withdraw but pay back within 60 days are treated as a rollover and are not subject to income taxes or the early withdrawal penalty. This applies regardless of the amount withdrawn and repaid.

H

hartmanfAuthor

Does it make any difference on the "60 days" limit, if I'm 68 years young?

J

jim-chandler78

OK, how do I report the pay back ?

A

AmyTAnswer

Employee

The rollover window (which can also be used as a short-term loan window) is 60 days.

Any funds that you withdraw but pay back within 60 days are treated as a rollover and are not subject to income taxes or the early withdrawal penalty. This applies regardless of the amount withdrawn and repaid.