Coronavirus (COVID-19) News and Resources
Coronavirus (COVID-19) Webcasts
Subscribe to Free Daily Newsletters
Post a Job

Featured Jobs

Defined Contribution Account Manager
Nova 401(k) Associates logo
Nova 401(k) Associates
(Houston TX / Dallas TX / Scottsdale AZ / Telecommute)
Retirement Plan Processor
T Bank NA logo
T Bank NA
(Dallas TX)

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn

<< Previous news item   |   Next news item >>

The Art of Borrowing from Your IRA and Rolling Back in Time to Avoid Income Taxation
Bloomberg BNA Link to more items from this source
Nov. 3, 2014
"[A] taxpayer may exclude the distribution from gross income if that distribution is returned to an IRA ('rolled over') 'not later than the 60th day after the day on which he receives the payment or distribution.' Even if the taxpayer does not place the entire amount into an IRA by the 60th day, to the extent a partial amount is rolled over, that part is excluded.... The Eighth Circuit [recently] reversed the Tax Court's rather simplistic denial of the taxpayer's partial rollover of distributions he had taken from IRAs in order to lend the monies, on what hopefully would be a very short-term basis, to two companies which were bidding on a governmental contract and which relied on the taxpayer's software in order to conduct their businesses." [Haury v. Comm., No. 13-1780 (8th Cir. May 12, 2014)]

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020, Inc.