roth IRA withdrawal and contribution

[Guest khunpit]

From reading other posts, I understand that I can withdraw my basis from the roth IRA with no-tax and no-penalty consequence.

Can I later put back my withdrawal?

Example

1999 contribute 2000 to Roth IRA

2000 contribute 2000 to Roth IRA

2001 withdraw 4000 from Roth IRA (tax-free and no-penalty)

Later in 2001, contribute 6000 to roth IRA <-- is this ok?

(6000 is for the 4000 withdrawal plus the 2000 contribution for 2001).

[BPickerCPA]

You can only put the $4,000 back within 60 days of the withdrawal. After that you would be limited to only contributing the annual $2,000.

You can withdraw money and put it back within 60 days only once within any 12 month period.

[Appleby]

Barry is right- however, this rule in on a "per distributing IRA basis"

Say you have IRA #1- balance $2000

IRA # 2 balance $3000

IRA# 3- balance $1000

You may take a withdrawal from IRA #1and roll it to # 3 within 60 days

You may also take a withdrawal from IRA # 2 and also roll it to IRA #3. This can be done anytime (no 12 month period restriction, as the withdrawal is being taken from a separate IRA)

Another note- make sure that you IRA custodian process and reports the $4,000 as a 'rollover' contribution