I just did a direct transfer of an old 401k into a new traditional IRA. I want to pull about 20k (in three installments) as an early withdrawal in late December 2007 and then repay the IRA within 60 days - in early February 2008 with one single deposit. 1) Is this considered a taxable distribution for 2007? 1a) If not, how do I indicate on my taxes that the rollover in 2008 offset the withdrawal in 2007? 1b) Am I increasing my audit potential? 2) Can I 'rollover' the distribution back into the same IRA without penalty? 3) Does this max out the withdraw/rollover abilities of this IRA for the next 12 months? 4) Are the number of withdrawals 'unlimited' as long as there is only a single deposit (rollover) within 60 days of the first withdrawal? I am under the 59 1/2 threshold and the withdrawals do not meet any of the exception criteria that I know of.