A client would like to withdraw $60,000 from her IRA to buy a house.
If she takes out that amount she will have to pay it back within 60 days in order to avoid taxes.
My question is, if her spouse takes out $60,000 on the 59th day to pay off his wife’s $60,000 withdrawal from his IRA will he get 60 more days to pay off his IRA to avoid the taxes(in essence giving them 119 days to pay off that money from his IRA)?