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"Borrowing" from your IRA......
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Submitted by Coronita on November 30, 2012 - 12:33pm
I think i figured out how one can "borrow" from your IRA money legally....
Well, it's not truly borrowing, because you can't really borrow from a IRA, like you can from a 401k...
But I think you can do something similar (minus the paperwork headache) and limited by how much money you have.
1. Setup up 7 different IRA accounts, with equal amounts...
2. Take a rollover distribution on account #1...
3. Do whatever you want with the money for up to 60 days.
4. Take a rollover distribution on account #2 and deposit into account #1 before 60 days from the distribution you took in account #1..
5. Repeat every 60 days from account#n+1 to account#n.
6. At the seventh rollver, start the rollover using account#1 and rolling that into account#7...
7. Rinse and repeat..
*IRS allows up to 60 days for you to complete the rollover.
7 separate accounts should cover the 12 months before you can restart the rollover with the first account....
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