Thursday, June 7, 2012

Can you borrow tax-free money from your IRA?

Many people that have an IRA borrow money from it at some point. By doing this, you will be able to get money that you will not be required to pay taxes on.
By comparison, if you simply withdraw the money from your IRA, you will have to pay a 10 percent early distribution penalty. You will also have to count the money as income and pay income taxes on it. When you borrow money from your IRA, it is simply looked at as taking out a loan, which means that you do not have to pay any taxes on it.




Ref : www.loan.com
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