borrowing from IRA question


S

Seamus J. Wilson

Need some funds to pay tax bill.
Can I borrow funds from my IRA and repay within month?
Thank you,
Seamus J. Wilson
 
P

Phil Marti

Seamus J. Wilson said:
Need some funds to pay tax bill.
Can I borrow funds from my IRA and repay within month?
Not exactly. You can take a distribution from your IRA and, if it's
redeposited in your IRA within 60 days, it's not treated as a distribution.
It's called a "rollover," and you can do it only once every 12 months.

The custodian will likely charge a fee. You should compare that to the cost
of a short-term loan from the bank.
 
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S

Seamus J. Wilson

Thank you Phil for the advice.
Best,
Seamus J.
Phil Marti said:
Not exactly. You can take a distribution from your IRA and, if it's
redeposited in your IRA within 60 days, it's not treated as a
distribution. It's called a "rollover," and you can do it only once every
12 months.

The custodian will likely charge a fee. You should compare that to the
cost of a short-term loan from the bank.
 

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