IRA Tax question

lendaddy · 01-31-2005, 08:58 AM

If you cashed out an IRA how long do you have to "reinvest" that money without paying tax? Or is it tuff noogies right away?

I thought you had a year to rplace the funds without paying tax, but then that might be something I dreamed up

jrdavid68 · 01-31-2005, 09:11 AM

I think you have 60 days to reinvest/roll over without penalty.

VaSteve · 01-31-2005, 09:36 AM

Why would you cash out an IRA? Sounds more like you mean 401k. By all means reinvest, there is a 10% off the top penalty you'd rather not mess with.

Either way it's definitely not a year.

lendaddy · 01-31-2005, 09:38 AM

Thanks,

It's a long story. But I appreciate the info.

widebody911 · widebody911's Garage

Was it that expensive to fix the westy?

lendaddy · 01-31-2005, 12:52 PM

Quote:

Originally posted by widebody911
Was it that expensive to fix the westy?

Lol, no. It has to do with my wife losing her job to facility relocation AND us having our first child AND some other financial setbacks all within a year. Lets just say I was knocked down a few pegs

Life goes on and we've already started back up the ladder.

Uncle Sam is gonna be deeeeeeep inside me this year though!!!!

I am likely gonna have to look into payments

fun fun fun.

qikcpa · qikcpa's Garage

hey man, you'll make it through. there are some distribution exceptions. Medical, first time homebuyer, unemployed health insurance, education & others. do some research. Though youll still have to pick the distrib up in income you may be able to avoid the 10% penalty. btw 60 days