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I have a question regarding Roth IRA withdrawals and deposits.
Question: I have contributed $2000/year for 1999 through 2004 for a total of $12000. If I need to get to the $12000 I know I can withdraw the contributions without penalty, but can I put it back after I withdraw it at a later date?

For example I take $12000 out in 2004 but later that year or the next I want to put the $12000 back plus my normal $2000 contribution. Can I do this?

Thanks in Advance for any Help.
Bobby
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Greetings, Bobby, and welcome. You asked:

<<Question: I have contributed $2000/year for 1999 through 2004 for a total of $12000. If I need to get to the $12000 I know I can withdraw the contributions without penalty, but can I put it back after I withdraw it at a later date?

For example I take $12000 out in 2004 but later that year or the next I want to put the $12000 back plus my normal $2000 contribution. Can I do this?>>


No, you can not put a withdrawal back later. All you can do is continue to make an annual contribution of $2K per year assuming you have the earned income and meet the AGI requirements for doing so.

Regards..Pixy

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I think it depends on how long you have it out.
If you take whatever amount stating that you want to transfer it to a different trustee, I believe you have 60 days to deposit it with another trustee, that is open another IRA, or put the money in a different IRA you already have. If you exceed that 60 days by one day, you blew it. If you get it to a different trustee in the 60 days, you can do whatever with the money for that time.
This is a little different from a 401k where you have to have the check made out to the trustee of your new IRA.
I don't think you can do this if you are going to put it back with the same trustee, and I believe you can only do this once in a year, although trustee-to-trustee switches can be done many times.
Right, Pixy?
Regards, Chris
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Chris writes:

<<I think it depends on how long you have it out.
If you take whatever amount stating that you want to transfer it to a different trustee, I believe you have 60 days to deposit it with another trustee, that is open another IRA, or put the money in a different IRA you already have. If you exceed that 60 days by one day, you blew it. If you get it to a different trustee in the 60 days, you can do whatever with the money for that time.
This is a little different from a 401k where you have to have the check made out to the trustee of your new IRA.
I don't think you can do this if you are going to put it back with the same trustee, and I believe you can only do this once in a year, although trustee-to-trustee switches can be done many times.
Right, Pixy? >>


That's correct on all counts regarding the IRA. With the 401k, the only difference is you have to make up the money withheld by law for potential income taxes when you got the 401k check or face potential taxes (and possibly a penalty depending on age) on the amount withhld from the 401k distribution. Adding that money is the only way a 100% rollover can be completed within the allotted 60 days, and that means you don't see what was withheld until you file your income tax return for the year.

Regards..Pixy
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