Distribution and Rollovers

[Guest mark1967]

OK, So i take out 14,000 from my roth IRA in March for a down payment on a home. Now I am selling another home this month.

Question: Can I put that 14,000 back in my Roth IRA now, and avoid penaltys?

Mark

[Appleby]

It appears not.

Generally, rollover contributions must be completed within 60-days. There is an exception if a distribution that is intended to be used towards the purchase of a first time home is being rolled over because of delay of cancellation of the purchase or construction. The exception allows the 60-day period to be extended to 120-days. Your question suggests that your home purchase was successfully completed and/or or you did not use the distribution towards the purchase or construction of a your first home.…therefore, you will not be able to rollover the distribution if it has been more than 60-days since you received the distributed assets.