Withdrawing and contributing to IRAs (same year)

[nomid1]

Hi, I retired and have been using the 72(t) SEPP to withdraw a fixed amount from my IRAs. I decided I am going to go back to work for awhile, though.

Can I contibute to a new IRA this year despite taking money out of the previous IRAs (using the 72(t) SEPP without penalty?

I assume the 5 year (minimum withdrawal) rule would only apply to the two IRAs I have been taking money out of.

[SecondCor521]

Yes, as long as you keep separate the SEPP IRA(s) from the IRA to which you contribute.

You can combine them after you finish the SEPP if you want.

[qwerty3656]

I had a similar situation, but was contributing to a company's 401k while withdrawing from IRA. I was curious about your situation, so I googled it. According to this site, you can contribute to IRA A while withdrawing from IRA B.

https://moneymanagment.info/2015/09/...t%20the%20Bank.