IRA Withdrawal
Someone turning 60 end of October 2024.
Needs to take $60k from their IRA however can repay within 60 days.
Confirmng they can make the withdrawal and put the money back without taxes and penalty as long as completed within the 60 days.
Permalink Submitted by Alan - IRA critic on Tue, 2024-07-30 13:24
Yes, but this can only be done once in a rolling 12 month period, so if the person rolled over any IRA distribution taken within 12 months of this proposed distribution, the proposed distribution will not be eligible for rollover.
Also, if a distribution is intended to be rolled back, withholding should generally be declined.
Permalink Submitted by David Berdow on Tue, 2024-07-30 13:37
No withdrawals have been taken in the last 12 months (rolling). So this appears to be okay.
Thank you on the withholding comment.