I have a traditional IRA in which I have a portion invested in laddered CDs. Can I temporarily deposit money($10,000) in my IRA and then remove it about a month later without any penalties or complications
Thanks, Joe
No. It's neither a rollover nor is it a contribution (part of it could be, but as it exceeds the maximum allowable amount, your trustee should reject it).
No. The IRA contribution limit for 2005 is $4,000 ($4,500 if over 50).
-- Phil Marti Clarksburg, MD
No.
No.
-- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062
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