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| *Loan,banking and credit>>>tax accounting |
Is there anyway to take out some money from an IRA money market account with out paying taxes or Penalties? |
I could put the money back in three or four months. You are allowed 60 days to rollover an IRA if you take possession of the money. If the IRA money is distributed to you and taxes are withheld, you will have to pay back the entire amount, including the taxes that were withheld. Then when you file your tax return and show the rollover, you will get your withholding back. So it is possible to get your hands on the money for 60 days, but you run the risk of not being able to pay it all back, and then be subject to taxes and penalties. One idea, if its not an emergency, you can roll it over into a self directed IRA, then use your IRA to buy something at wholesale value, then resell it at retail value and divide the proceeds whichever way you want. Contact a third party IRA administrator, the kind that doesn't want to sell you stocks and mutual funds. There are several, Guidant comes to mind first. As always, consult a financial advisor before acting on anyone's advice. Generally not, if it is a Roth IRA, you can take come cash out for certain qualified expenses such as college education or first time homebuyer. Usually you are better off getting a loan with a low interest rate and using your IRA as collateral against the loan. |
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