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Level 1
posted Apr 25, 2020 2:28:46 PM

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?

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1 Best answer
Level 15
Apr 26, 2020 7:35:46 AM

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

4 Replies
Level 15
Apr 25, 2020 2:30:41 PM

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

Level 15
Apr 25, 2020 2:30:45 PM

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

Level 1
Apr 25, 2020 6:42:35 PM

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

Level 15
Apr 26, 2020 7:35:46 AM

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