[Finance dummy]

Originally Posted by disneysteve

I know that if you are transferring IRA funds from one company to another and have the check sent to you instead of doing a direct rollover, you have 60 days to complete the rollover before it is counted as a distribution, so I think that's what you are referring to. I'm not sure if you can take the money out of your current company and send it back to that same company within 60 days. I would call your current IRA provider and ask.

One warning, though. When the company pays the money directly to you, I believe they withhold 20% for taxes but you need to replace the full amount, so you'd have to make up the 20%. For example, if you tell them to cash out $10,000, they will send you a check for $8,000. To replace it, you'll have to send back $10,000. Then when you file your taxes, you'll account for that extra $2,000.

Yes this is what I am referring to. So do I just call my IRA, tell them I want to roll over funds to another IRA, and send the check to me? Can I do this if I haven't made and contributions to the IRA in a couple years? Can I take out an amount like $2000?

Thanks for the help