Can I Take a Loan From my IRA?
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Can I Take a Loan From my IRA?
You can’t take a loan, but the IRS will allow you to do what is called a 60 day rollover. In essence, you take a tax free distribution from your IRA and you must pay it back within 60 days. They are strict with this 60 day time-frame and if you miss it, you must pay taxes on the withdrawal in addition to a 10% early withdrawal penalty. Each taxpayer can only do one 60 day rollover in a 12 month period. If you have a 401(k), 403(b) or 457(b), you may be able to take a loan against the account. See your plan administrator for details.
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