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There isn't an IRA board and you are perfectly welcome to post here. I was just clarifying what we're talking about.

Last year, I was in a similar position and forced to take premature distributions from my Traditional IRA (having already withdrawn my original contributions to my Roth IRA - it was dark days). Thanks to the National Emergency declaration for the pandemic, I my repayment window was moved to tax day in July, and I was able to get back on my feet (ironically just as so many were being knocked off theirs) and make a partial repayment.

Essentially, the way the tax documents recorded it, there was a premature distribution offset by a same-year contribution, so that I was taxed only on the net distribution. That as a Traditional IRA, so I was dealing with both tax and penalty whereas you would only be dealing with the penalty.

Who thinks as long as you go into this with eyes open and understanding the clock is ticking on the premature distribution penalty, the important thing is this is a last-ditch option tool available to you...

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