Loan on IRA while taking 72(t) dist
L1: Loan on IRA while taking 72(t) distDOB 12/13/1955- I’ll be 59 1/2 this June. I’ve been taking a 72(t) dist for the past 6 years. Recently had a family emergency and need to take $30,000 out of my Traditional IRA (yes, taking the 10% penelty). I was then told that if i do so, ALL the 72(t) distributions for the past 6 years will be peneilized 10%. That could be about $9,000–on top of the $3000 for the $30,000 dist.
Here’s my question- Can I borrow funds somehow (loan, home equity, credit card), put the funds back into the IRA as a rollover before 60 days, and then take out take funds again when I hit 59 1/2 to pay off the personal loan?2015-04-08 12:48, By: Drew, IP: [220.127.116.11]
L2: Loan on IRA while taking 72(t) distIf this was a medical emergency, or loss of job, then some or all of the distribution may come under one or more of the other exclusions. Tell us the nature of the emergency(s) and related amounts.2015-04-08 14:03, By: dlzallestaxes, IP: [18.104.22.168]
L3: Loan on IRA while taking 72(t) dist2015 is your final stub year where you have the option to take out nothing, 5/12 of your annual amount or your full annual amount. What is your annual distribution, and how much have you withdrawn in 2015 excluding the 30k?2015-04-08 18:18, By: Alan S, IP: [22.214.171.124]