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Author: valueape Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76406  
Subject: re-insert early withdrawals into Roth? Date: 10/17/2005 5:30 PM
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Don't suppose that, if i take a few grand out of my Roth for a house down payment, I can put them back in later (above and beyond normal maxed out contributions), could I?

Cause that would be awesome.

Mary
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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47966 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/17/2005 8:13 PM
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Don't suppose that, if i take a few grand out of my Roth for a house down payment, I can put them back in later (above and beyond normal maxed out contributions), could I?

No can do. That is why IRAs should only be touched as a very last resort. Once the money is out, you can't put it out other than as you normal annual contribution.

foolazis


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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47969 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/17/2005 8:43 PM
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But if you have a 401K plan, most will allow you to borrow your own funds. Those you can repay later and continue in the plan.

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Author: DeltaOne81 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47970 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/17/2005 10:21 PM
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No can do. That is why IRAs should only be touched as a very last resort. Once the money is out, you can't put it out other than as you normal annual contribution.

Well, I believe you can within 60 days, right? But if you have access to the money within 60 days, you probably don't need to take it out in the meantime anyway.

Also, 401K loans are an alright idea from a numbers perspective, but is often a very bad idea from a 'habits to get into' perspective. Your retirment money belongs to future-you, not to today-you, I would tread very carefully before you touch any of it. Better to take your time saving up for a downpayment.

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Author: Matt1344 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47971 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/17/2005 11:53 PM
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"Those you can repay later and continue in the plan."

Hi Paul,

Unless you quit or lose your job then the loan becomes due. Failure to pay it back at that time may result in early withdrawal penalties and taxes on the money...

Regards, Ken

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47972 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/18/2005 12:19 AM
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Matt1344:

<<<"Those you can repay later and continue in the plan.">>>

"Unless you quit or lose your job then the loan becomes due. Failure to pay it back at that time may result in early withdrawal penalties and taxes on the money..."

Depends upon what the plan documents say, IIRC; I Know that I have been repaying a 401-k mortgage loan to an employer I am long gone from for years.

Regards, JAFO



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Author: valueape Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47978 of 76406
Subject: Re: re-insert early withdrawals into Roth? Date: 10/18/2005 3:58 PM
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Oh allright. It was worth a shot.

Thanks all :)

Mary

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