distribution from 401k/ira

Technical topics regarding tax preparation.
#1
newbie  
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New York
hi all, quick question. distribution from the above is taxable. but what if i put the money back in within the same year? Still taxable? tax effect? This has nothing to do with the 3 year COVID break. Thank you
 

#2
sjrcpa  
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You have 60 days to do an indirect rollover.
 

#3
JR1  
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For an IRA. Timelines may differ on the 401k. You usually want to borrow from a 401k so that it can be repaid, IF the plan permits it. The re-contribution rules don't apply to 401k's, I don't think.
Go Blackhawks! Go Pack Go!
Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011.
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#4
sjrcpa  
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I was thinking the distribution from the 401(k) Plan might be eligible to be rolled to an IRA.
 

#5
JR1  
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Ah, a slick way to get around the 401k rules! Love it.
Go Blackhawks! Go Pack Go!
Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011.
For FB'ers: https://www.facebook.com/groups/BenRoberts/
 

#6
newbie  
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Thanks all. Terrific notes here
 


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