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 Andy4712 Your Own Question
Andy4712, Consultant
Category: General
Satisfied Customers: 541
Experience:  I have experience and knowledge as a consult to answer numerous questions regarding numerous issues.
Type Your Question Here...
Andy4712 is online now
A new question is answered every 9 seconds

Any banking experts out there Have a couple of questions.

Resolved Question:

Any banking experts out there? Have a couple of questions. My sister needs to take out a loan against her IRA. She cant have it run a credit check as she is process of clearing up a debt from her son. How can she borrow against her IRA with no credit check. Does she need to convert it into a 401k first? Also trying to avoid as many penalties ie taxes on withdrawal as we can. Thanks.
Submitted: 6 years ago.
Category: General
Expert:  Andy4712 replied 6 years ago.
She does not need to convert to a 401k. She would contact the trustee of the IRA or the company handling her IRA for the process and the forms. I would ask the trustee if they do a credit check. I really do not think they do a credit check. It is allowed without penalty as long as it is paid back. I would contact the IRA company for more information. The company can help your sister.
Andy4712 and 29 other General Specialists are ready to help you