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Financial Planning / Tax Strategies
|Subject: Re: IRA withdrawal for home buying||Date: 10/17/2001 8:34 PM|
|Author: ptheland||Number: 54680 of 119697|
OK, when did you withdraw it?
Let me amplify on Charlie's usual fine response.
If it's been less than 60 days since you took the funds out, you may be able to put the excess back under the IRA rollover provisions. There are other limitations - significantly, you can't have done another rollover in the previous year.
But time is of the essence here. You've got 60 days - no more. No extensions, no "oops I forgot", perhaps not even "my broker screwed up" (although I seem to recall a recent softening of this position in some cases - but I could be wrong).
If you're eligible to do a rollover - and actually do it! - you can avoid both the penalty AND the tax on any amounts returned to your IRA. That's why this is a critical question that Charlie asked.
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