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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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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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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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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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"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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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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Oh allright. It was worth a shot.

Thanks all :)

Mary
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