Saver’s Tax Credit/IRA Rollover

Submitted by Bill Briner on Fri, 2017-10-20 19:26

I need some money for 30-45 days and have not performed an IRA Rollover in more than 1 year. Also, I have not withdrawn any funds from any of my IRA’s for more than 3 years.

If I withdraw some money from my IRA and redeposit it into the same IRA in less than 60 days, am I still eligible for the Saver’s Tax Credit (Form 8880) as long as I meet the income requirements (AGI not more than $37,000 for married filing joint return)?

Thank you.

Bill B.



Submitted by Alan - IRA critic on Fri, 2017-10-20 20:40

Yes.  A rollover does not have any affect on the Savers Credit. You can roll the distribution to any IRA, it does not have to be re contributed to the same IRA account you took the distribution from.

Submitted by Bill Briner on Fri, 2017-10-20 23:50

Thanks Alan.  I really appreciate your quick response.

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