withdrawal from IRA and put back in Submitted by Geoffrey Kasher on Tue, 2024-05-28 20:35 Client distributes $$ from IRA. Can he put funds back within 60 days to avoid penalty and tax? Flag as spam
Permalink Submitted by Geoffrey Kasher on Tue, 2024-05-28 20:46
if client withholds tax from the distribution can he put back the gross amount withdrawn
Permalink Submitted by Alan - IRA critic on Tue, 2024-05-28 22:33
Yes, the withholding can be replaced using other funds. However, the client must have a rollover available as only one such 60 day rollover over a 12 month period is allowed.
Permalink Submitted by Geoffrey Kasher on Wed, 2024-05-29 11:05
thanks for confirming.