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Retirement tax questions
I want to ask an expert. @dmertz
Most of the time, you have 60 days to "repay" the loan by contributing funds to an IRA. This is reported as a rollover.
However, there was a law change in 2018 that gives you until the filing deadline (April 15, or October 15 if you have an extension) to complete a rollover for an "offset distribution".
(I will admit that I am confused over the difference between a "deemed distribution" which can't be rolled over, and an "offset distribution" which can be, although I'm pretty sure that a distribution due to leaving the job is an "offset" rather than "deemed" distribution, so it is eligible for rollover. Which is why I want to ask another expert.)
[Edited to add: dmertz beat me to it.]
‎February 24, 2025
8:04 AM