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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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Dear Tax Talk,
Am I able to withdraw my contributions and earnings from a Roth IRA and redeposit them to my Roth within a 60-day timeframe without penalties? What are the rules for a 60-day withdrawal from a Roth IRA? — Chris
Dear Chris,
Yes, the IRS will allow you to withdraw, tax-free (bet you don’t hear that too often), all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. Please keep in mind that a rollover is not allowed from a Roth IRA to an employer retirement plan. Additionally, if you have an employee-designated Roth account, the rollover can only be made to another designated Roth account or to a Roth IRA.
Going forward, the five-year period used to determine qualified distributions does not change if you roll over from one Roth IRA to another Roth IRA. The five-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA.
Ask the adviser
To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more Tax Talk columns.
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.
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