How many loans can I take? Can the loans be concurrent?
2006-09-26 03:52:43 · 3 answers · asked by donnarietbergen 1 in Business & Finance ➔ Personal Finance
I am not yet 59.5 yrs old.
2006-09-26 03:54:10 · update #1
What are the rules for repaying loans from my traditional IRA?
2006-09-26 04:09:01 · update #2
Rule # 1: You will get screwed on taxes.
Rule # 2: You will be more screwed than you think on taxes.
Rule # 3: Before doing something like that, consult with a CPA or tax advisor... that way you'll know just how screwed you will be.
2006-09-26 09:32:51 · answer #1 · answered by Mike S 7 · 0⤊ 1⤋
You should check with your Human Resources Dept/bank, however, you should recognize that there is a 10% penalty for early withdrawl of monies from an IRA or 401K plus 20% for taxes. If the withdrawl is for excessive medical, first mortgage, or college the penalty is waived.
2006-09-26 04:05:39 · answer #2 · answered by Steven L 1 · 0⤊ 1⤋
You can't borrow money from your IRA. You can only make a withdrawal (subject to tax & penalty rules).
Borrowing provisions are often tied to 401(k)s...not IRAs.
2006-09-26 05:11:33 · answer #3 · answered by derek 4 · 0⤊ 0⤋