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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?
ANSWER
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.
