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I had a margin call in my stock brokerage account, and I took a premature distribution from my Roth IRA to cover the margin call. The money needs to stay in this brokerage account for 4 business days and can be moved back to the same Roth IRA account. From what I've read this is considered a rollover which can be done once a year, and is not subject to any tax penalties as long as it's moved into a Roth IRA account within 60 days. Is that correct?


The BIDaWIZ Team's Answer:

The short answer is that you are correct. You can withdraw monies from your Roth IRA for emergencies if it is returned within a 60 day period and not done more than once for any given 12 month period. This information is referenced in the internal revenue code under title 26, section 408.

The BIDaWIZ Team



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