Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

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Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

as long as you did not take a deduction for that contribution.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

you're not doing a withdrawal, you're doing a return of contribution and associated earnings.
ask your custodian for the proper forms for that..

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Thanks guys.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

You can withdraw the contribution by the due date including extensions of your tax return,
But you must withdraw any interest or other income earned on the contribution and pay tax on that,
and not take a deduction for the contribution.

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Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

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Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

Would you guys know if adding funds (first) to IRA then removing the same amount in 5 days from same IRA would trigger any tax penalty? I am trying to avoid 90 free ride.

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