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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1668
Experience:  Certified Public Accountant
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If I borrowed some money from my retirement IRA and paid it

Customer Question

Hello if I borrowed some money from my retirement IRA and paid it back by the end of the year would it still count as income? I'm trying not to get in to a 28% tax bracket but need to borrow enough money that it would bump me up if counted as income
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I want to borrow $45,000 borrowing anymore than $25,000 will put me in a 28% tax bracket from 25%. However I am able to pay $20,000 back before 2018.
Submitted: 5 months ago.
Category: Tax
Expert:  Mark Taylor replied 5 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 5 months ago.

If you repay the amount within 60 days it would not be considered a distribution. If it is beyond the 60 days it becomes a taxable distribution.

Expert:  Mark Taylor replied 4 months ago.

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