cpabsd Posted January 19, 2011 Report Share Posted January 19, 2011 the taxpayer is age 60. He has a traditional IRA that was a rollover from a 401 k. Wants to take a distribution of $180,000 for purchase of personal residence. Once existing residence is sold, will replace most of the money. For example, say $160,000 is replaced. Is the full 180,000 taxable or just the $20,000. Assume the replacement is done within 60 days. I cannot locate in my research that money can be withdrawn then replaced within 60 days and not be subject to income tax but other professionals are telling me that is the case. I have researched Pub 590 and it does not indicate such a provision exists. Please help!!!!!!! Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 19, 2011 Report Share Posted January 19, 2011 http://www.retirementdictionary.com/definitions/60dayrolloverrule taxbilly Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.