A retractable top drive for use with a drilling rig and process for operating a drilling rig. The retractable top drive comprises a dolly having a pair of mast rails in translatable relation to a mast, such as sliding. A yoke pivotally connects a torque tube to the dolly and the top drive is connected to the torque tube, so that a substantial portion of the top drive is positioned lower than a substantial portion of the dolly. An extendable actuator is connected between the dolly and the yoke to translate the top drive to/from the dolly. Torque is transferred from the top drive through the torque tube, yoke and dolly into the mast of the drill rig.