Tax Law (Questions About Taxes)/Loan Fron IRA


I know that a person with an IRA can withdraw money and if the same amount is returned to the IRA within 60 days, there would be no tax liability. I have 2 questions:
1) Is there a maximum amount that an individual can withdraw in a calendar year?
2) Can the withdrawal be made from more than one IRA without incurring a tax liability?

Thank you and I look forward to your response.


Thanks for your question.

There is no dollar limit.  However, a withdrawal and deposit such as you mention is considered a rollover. You are limited to one rollover per 12 months for all your IRAs.  Thus, if you were to do one today, you could not do it again until Aug 5, 2016.

Hope this helps

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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