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sandsinv
Level 2
Apr 25, 2020 9:28 PM UTC
Solved

Borrow and repay IRA

I am buying a new home (not my first home). Can I borrow/use funds from my Traditional IRA and/or ROTH IRA and repay the monies in a certain timeframe so they are not treated as distributions?

Critter
CritterAnswer
Level 15
Apr 26, 2020 2:35 PM UTC

Yes it applies to both HOWEVER you can only do this ONCE in a 365 day period  so make ONE distribution only.

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4 replies

DoninGA
Level 15
DoninGALevel 15
Level 15
Apr 25, 2020 9:30 PM UTC

You cannot borrow from an IRA.  You can only make a distribution from the IRA.

VolvoGirl
VolvoGirl
Level 15
Apr 25, 2020 9:30 PM UTC

You have 60 days to put it back (plus any withholding taken out).  

sandsinvAuthor
Level 2
Apr 26, 2020 1:42 AM UTC

Thanks for the response...Does the 60 day window apply to both a Traditional IRA AND a ROTH IRA???

Really want to use ROTH IRA funds until my house closes...

Thanks,

Randy

Critter
CritterAnswer
Level 15
Apr 26, 2020 2:35 PM UTC

Yes it applies to both HOWEVER you can only do this ONCE in a 365 day period  so make ONE distribution only.

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