Paying back an IRA after you receive the income tax doc

[v-girl]

So, in December, DH borrowed some money from his IRA to pay for his license and some other stuff. It's January and we've received moonlighting pay so we have the money to pay back, however, we've already received the tax doc from Fidelity. If we pay it back now, do we still have to file that and pay taxes on it? It would be within the 60 days. I've googled and DH can't seem to remember his lunch most days, much less remember to call Fidelity to find out the answer to this question.

My thinking, if we still have to file and pay the taxes, screw it and we don't pay it back (we need the money for a car). If we don't have to pay the taxes, do we need to get a new document from Fidelity?

[SoonerTexan]

I'm doing taxes too...makes me wonder how the hell we are expected to keep track of this stuff. Even if you have an accountant, there is sooo much!

[Michele]

I'd call. But it's after the first of the year, so isn't what you do now technically for next year's taxes? I wonder if the 60 grace period spans calendar years...you'd just have to call and ask.

[scrub-jay]

Definitely call, but I think there might be some overlap. I can still contribute to my 2011 Roth through tax day for example.