Could not find a similar discussion beyond excess contributions.
Here is a case. This is an IRA owned by over 60 year old, so distributions are not penalized. In 2022 the max allowed contribution is $7K.
In May $15K were taken out as a distribution (not a rollover or conversion). If $20K is put back in Sept in this IRA how is this handled from a taxable view point at year end?
My logic tells me that there would be 20-15 = $5K contribution.
In short, I am asking if an IRA account when withdrawal are fully allowed, can be transacted like a saving account.
