IRA Rollover

Submitted by Deena Wagner on Fri, 2015-10-09 12:50

I need some cash for a short term. Can I withdraw from my IRA and then redeposit the funds back into the same IRA account in about 12 days without penalty? Would this satisfy the rules for a rollover.
If not, could I do this if I set up another IRA account at the same institution and redeposit the funds there.
Trying to solve a short term cash problem.
I know I can only have one rollover per year. This is no problem.



Submitted by Alan - IRA critic on Fri, 2015-10-09 18:00

As long as you have not taken another distribution in the past 12 months that you rolled over, you can do a rollover now. You have 60 days to replace the funds. You can roll the money back to the same IRA or a different IRA account. Of course, if you do this you will not be able to do another rollover for the following 12 months.



Submitted by Deena Wagner on Sat, 2015-10-10 09:12

Thanks so much for your quick reply. 



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