Suppose I want to deposit $5500 by tax day 2018 in order to qualify for a 2017 tax year deposit, but I don't have the cash at the moment.
Let's say I expect to have the cash within 60 days. And let's say my IRA currently has $10000.
Can I use the 60 day IRA borrow rule to withdraw $5500 from the account, then deposit that $5500 before tax day 2018 to count it for 2017 tax year, while still technically owing my IRA the $5500 I borrowed?
I would be withdrawing and redepositing the same $5500, ending up with the same $10k in the account, but I will be able to claim I deposited $5500 for 2017 tax year. I would then have nearly 60 days to come up with the $5500 I borrowed and deposit it, bringing the account up to $15500.