IRA 'Loan' Question. . .

I've read that you can take a distribution from an IRA and as long as you return the same amount within 60 days you don't have to pay capital gains or the early withdrawl penalty.

Does this rule apply equally to Roths and Traditional IRAs??

A traditional IRA is an IRA and the answer is yes within 60 days and only 1x/year. This applies to under age 59 1/2 only.

Roth IRA you are allowed to remove your contributions tax free at any time. Earnings are penalized at 10% plus taxes with no 60 day window.

I pulled some cash out of my Roth and got the whopping penalty of...$8....

I was devastated. LOL.