IRA Rollover

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Question: Can your repay a withdrawal from a rollover IRA to avoid penalties?

I need to take some cash from my rollover IRA and was wonder what the rules are regarding repayment. If I take out $5000 but the put $5000 back in say the next 12 months, can I avoid penalties or at least avoid the income tax?
The distribution would be to cover a shortfall caused by my extended maternity leave (which was last summer) and recurring illness. The illness qualifies as a disability according to SSA but I am not willing to give up and stay home yet, so I don’t think I could take a disability distribution.

Answer: You can withdraw funds from your IRA for up to 60 days tax-free. It’s really important to remember that you have to repay the funds within 60 days to avoid paying income tax and the 10-percent early-withdrawal penalty.

If you have more than one IRA, you can only make a withdrawal once within a one-year period from each IRA.

There are exceptions, however, if you’re withdrawing for a first home purchase, certain medical expenses, college expenses, etc. These are very limited exceptions, so I’d need to know more info before giving an accurate answer on these exceptions.

Self Directed IRA Custodian :: Real Estate IRA :: Rollover 401k