Posted by MilNC on December 28, 1998 at 17:12:33:
Thank you for your reply.
Define “horrible”.
IRA/as a loan - Posted by MilNC
Posted by MilNC on December 23, 1998 at 18:04:39:
As I was contacting my IRA holder for informaton on a withdrawal, I was informed that I could put the money
back in 60 days without a penalty or tax event.
I forgot to ask about interest.
It’s a possibility for some ready cash.
Self-Directed IRAs - Posted by William L. Exeter
Posted by William L. Exeter on December 28, 1998 at 11:45:00:
Bud is right on the money with his comments. One word of caution. We administer self-directed IRAs and have seen many withdrawals with the intent to rollover with in 60 days. Most of them never roll the withdrawal over because the “investment” never paid off in time to accomplish the rollover. This also creates a horrible tax liability in the year in which the distribution was processed. Be careful and make sure that you can roll over the withdrawal before the 60th day. You might also want to consider using a self-directed IRA to invest in the trust deed, mortgage, tax lien certificate, etc., in stead of pulling the money out.
Bill Exeter
Security Trust Company
Re: IRA/as a loan - Posted by Bud Branstetter
Posted by Bud Branstetter on December 23, 1998 at 22:46:56:
You are allowed to do a “rollover” once in a 12 month period where you take possession of the funds. It can even be back to the same trustee. No interest. If you don’t get it back before the 60th day it becomes a withdrawal.