On 4/23/2015 9:50 AM, DerbyDad03 wrote:


Allow me to clarify one point:

I originally stated: "...the IRS allows an individual to withdraw
funds from an IRA (or other qualified retirement plan) and not pay
any taxes or penalties as long as the money is replaced within 60
calendars days..."

To be clear, instead of "replaced within 60 calendars days" I should
have said "deposited into a qualified retirement account held by the
same individual within 60 calendars days".

Since the 60 day rule was put into place to facilitate rollovers,
there is no stipulation that the funds must go back into the same
account they were withdrawn from, they just need to go back into a
qualified retirement account owned by the same individual.

The IRS also doesn't stipulate that they *can't* go back into the
same account, thus allowing for what could be considered "60 day
loan" from a person's IRA once every 12 months.


"If" the owner of the traditional IRA does not take possession of the
money and lets one institution transfer IRA funds, FBO of the owner, to
another Institution as the same type of IRA, there is no limit of ONE
movement of money per year.