Repayment of an ira withdrawal

[randi442]

My husband and I are remodeling a condo and funding it though IRA/401k withdrawals. One of the pension plans we are withdrawing from has a very long lead time (3 months) to make withdrawals, and we need the funds sooner to keep the project on track. Can we withdraw the funds from one IRA and repay them when the delayed withdrawal occurs (it will be more than 60 days). One possibility would be to withdraw from my husband's IRA, repay it within the 60 days from my IRA, then repay my IRA when the 401K distribution is received? Does this allow us to accomplish our goal of using the delayed funds sooner?

[MinhT1]

Yes This could work, but make doubly sure that the 60-day rollover window is strictly respected. I suggest that you repay within say, 50 days to make sure that everything is wrapped up within 60 days.

[VolvoGirl]

Just remember if they take any withholding out of the withdrawal you need to replace it from your own other money when you repay it.  Otherwise the withholding will become taxable and the 10% Early Withdrawal Penalty if you are under 59 1/2.