I read somewhere that I can "borrow" from my IRA account without having to pay taxes, as long as I replace the money within 60 days. Is that option for real? I may need to do this to cover a short-term emergency. Can someone with an experience on this situation please advice? What you are talking about is a "rollover." Once per 12 month period you can withdraw funds from an IRA and replace them within 60 days without tax consequence. Miss the deadline and you have a taxable distribution that cannot be replaced. Assuming you're under 59 1/2, the 10% premature distribution penalty would also apply.You can read about rollovers in IRS Publication 590.TMF ExROPhil MartiHot off the press! Check out The Motley Fool Investment Tax Guide 2001. It comes complete with a money-back guarantee. (Sorry, the steak knives are extra.)http://www.foolmart.com/Shopping/Product_View.asp?PRODUCT_ID=MF030_02
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