topic Borrow and repay IRA in Retirement tax questions

Borrow and repay IRA

sandsinv — Sat, 25 Apr 2020 21:28:46 GMT

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?

Re: Borrow and repay IRA

DoninGA — Sat, 25 Apr 2020 21:30:41 GMT

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

Re: Borrow and repay IRA

VolvoGirl — Sat, 25 Apr 2020 21:30:45 GMT

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

Re: Borrow and repay IRA

sandsinv — Sun, 26 Apr 2020 01:42:35 GMT

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

Re: Borrow and repay IRA

Critter — Sun, 26 Apr 2020 14:35:46 GMT

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