Frequently Asked Question
Can I borrow from an IRA without penalty?
Yes. A 60-day rollover rule applies to all types of IRAs. This 60-day rollover rule allows you to withdraw assets from your IRA and roll over the amount within 60 days in order to avoid paying taxes and/or the early distribution penalty on the amount.
Some reminders:
- You may distribute and roll over the same assets only once during a 12-month period.
- The same assets you withdraw must be the same you roll over to your IRA. For instance, if you withdraw cash, you must roll over cash. If you withdraw shares of ABC stock, you must roll over shares of ABC stock.
This question was answered by Denise Appleby
(Contact Denise)
Some reminders:
- You may distribute and roll over the same assets only once during a 12-month period.
- The same assets you withdraw must be the same you roll over to your IRA. For instance, if you withdraw cash, you must roll over cash. If you withdraw shares of ABC stock, you must roll over shares of ABC stock.
This question was answered by Denise Appleby
(Contact Denise)
by
Denise Appleby
Denise Appleby is founder and owner of Appleby Retirement Consulting,which provides technical consultation, content, coaching, writing, editing and training services on related topics.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
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