- quote -

Well, I have been teaching the AARP TaxAide intructors class
for AARP Ohio Districts OH2 and OH3 which includes both
Columbus and Dayton (and Cincinnati. :^)

But here I'd say it's just coincidence, although I might
have been asked that in he past....

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Arthur Kamlet wrote:

(snikpped)

- quote -

Funny, but I just saw an example of that "rollover" to the
left of said line on a return prepared by an AARP resp in
Dayton, OH. Not exactly Columbus, but close.

ChEAr$,
Harlan

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victor wrote:

- quote -

IRA rules allow you to withdraw funds from the IRA for up to
60 days, as long as you redeposit the funds or property in
the original IRA or a new IRA before the end of that period.
This is NOT a loan, as that would be a prohibited
transaction.

If you exceed the 60 day limit, the only penalty for someone
older than 59-1/2 is that you will pay ordinary income tax
on the money and it no longer can be redeposited in the IRA.

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victor <mouln[at]yahoo.com> wrote:

- quote -

Yes, you can do this for any of your traditional IRA
accounts once each year, so long as the money gets placed
into the same or another traditional IRA account within the
time limits. You can do this at most once every 12 months.

I would think the custodian would still issue a Form 1099-R
reporting the distribution, but you can then indicate this
money was rolled over by writing the word Rollover on Form
1040 Line 15 and writing 0 in line 15b.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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victor wrote:

- quote -

you cannot borrow from an IRA. If you take possession of
the money and roll it into another IRA, you will have to
come up with additional funds to make up for the
withholding; i.e., if there is $20,000 withheld, you would
have to come up with another $20,000 to avoid being taxed on
that amount.

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"victor" <mouln[at]yahoo.com> wrote:

- quote -

As long as you get the gross amount of the distribution back
into an IRA account within 60 days of the distribution it's
a tax-free "rollover." Make sure you specify no
withholding, and remember that you can do a true rollover
(as opposed to a trustee-trustee transfer) only once during
a 12 month period.

Details are in IRS Publication 590.

--
Phil Marti
Clarksburg, MD

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I am 60 years old and want to use 100k in cash from a
TRADITIONAL IRA account and replace it within a month.

I remember reading a rule governing cash withdrawals that
let you replace the withdrawals within a certain time frame
without incurring a penalty. As I incur no penalty now at 60
is there a way to withdraw and replace the 100k without it
resulting in a report of a taxable distribution?

Any info on this would be greatly appreciated!

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >