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The "60-Day Rule" For IRA Withdrawals

Unlike your active retirement plan through work, the IRA account  does not offer any loan provisons

However you are able to withdraw funds from an IRA and replace those monies under the "60-day rule."   Most IRA custodians will take a request over the phone and send a check directly to you.  Make sure to replace the money within the 60 day window or face IRS scrutiny. 

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If you're withdrawing from a Roth IRA-it's different, your contributions can come out at any time.

WSJ.com explains IRS policy on the "60-day rule." 

Posted on Sunday, August 5 by Registered CommenterWise Owl in | Comments Off