How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxTom Your Own Question
TaxTom, Internet Researcher
Category: General
Satisfied Customers: 2364
Experience:  Years of experience of finding questions for employeers, family and friends.
Type Your Question Here...
TaxTom is online now
A new question is answered every 9 seconds

Can an IRA loan be partially repaid to a different IRA and

Resolved Question:

Can an IRA loan be partially repaid to a different IRA and still avoid penalty and tax on the amount repaid?
Submitted: 6 years ago.
Category: General
Expert:  TaxTom replied 6 years ago.

TaxTom :

Hello, You actaully can't borrow from an IRA, did you take a withdrawal from your account? How long ago? Thanks Tom

Customer: replied 6 years ago.
Actually, the money was drawn from a 401k, but we want return it to an IRA. The withdrawal date was Jan 19 this year.
Expert:  TaxTom replied 6 years ago.
Hello again, No it has to be repaid to the 401k. depending on your plan you may then roll over the amount into an IRA. The advantage of the loan over the withdrawal is that you have a much longer period to put the money back and it doesn't become a problem unless you leave the job and you have 60 days to pay the money back without taxes and penalties. Thanks Tom
TaxTom and 21 other General Specialists are ready to help you

Related General Questions