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Level 1

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.

1 Best answer

Accepted Solutions
Level 1

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  This applies regardless of the amount withdrawn and repaid.

4 Replies
Level 1

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?
Level 1

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 ?
Level 1

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  This applies regardless of the amount withdrawn and repaid.

Level 1

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?