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Distrabution and Contrabution Question


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Posted

I am puzzled. I withdrew $10,000 to fund a purchase of a new home from my Roth IRA. However, I recently came into extra dollars and I would like to stick some of that money (about $6,000) back into my Roth IRA to replace the money I took out. Can I do this without running afoul of the annual contrabution limit? I have already contrabuted $3,000 for this year.

Posted

If its within 60 days of the original withdrawal and you haven't had a similar transaction within the last 365 days with the same funds, you may rollover the $ back into the ROTH IRA. See IRS Publication 590.

JEVD

Making the complex understandable.

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