The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Is this a roll over? Date:  10/12/1998  8:42 AM
Author:  BruceSchiek Number:  5735 of 127753

Last month I withdrew about $5500.00 from my IRA to cover some short term expenses. The financial crisis is now over and I have $5500.00 to place back in my IRA. Can I simply deposit this money back in the original account and avoid the early withdrawl penalties at tax time, treating this short term "loan" similar to an IRA rollover? If not, haow should I go about minimizing my tax penalty?


P.S. I am not in the habit of doing this with my investments, this was indeed a short term financial crisis!
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us