Selling Roth IRA shares (*contributions* not dividends) to pay off a loan - am I subject to contribution limits to re-pay this back to my IRA?
Say I'm at 22k contributed and I want to pay off a 3k loan – if I sell 3k from my IRA, and I want to pay that back with my newly freed-up monthly take-home, would that 3k that i'm going to put back in be subject to the $5500/year limit for Roth IRAs? Or is that separate?
If buying in that 3k back towards my IRA will contribute towards that $5500/year limit, then I won't do it. Just wanted some quick feedback. Thanks!
Context: 27 years old, am planning on maxing my IRA from here on out – just wanting to clear up some bills.
Posted Jun 16, 2017, 7:35 PM UTC
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