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New Member

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

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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New Member

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

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  This applies regardless of the amount withdrawn and repaid.

View solution in original post

4 Replies
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New Member

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

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

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

OK, how do I report the pay back ?
Highlighted
New Member

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

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  This applies regardless of the amount withdrawn and repaid.

View solution in original post

Highlighted
New Member

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

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