Yes
Withdraw the amount of your contributions. You can't borrow from your Roth IRA once the tax year is over, but you can withdraw funds up to the amount of your contributions without any type of penalty. If you invested $2,000 in 2007 and $4,000 in 2008, you can withdraw up to $6,000 without incurring a penalty. You can get a bigger break if you withdraw the money from a Roth IRA. You can withdraw Roth contributions tax-free and penalty-free at any time for any reason. After you withdraw your contributions, you can withdraw up to $10,000 in earnings for a first-time home purchase without a 10% early-withdrawal penalty. A: Technically, you can’t borrow money from a Roth IRA, at least not like you would from a traditional loan, but there are other options. The IRS does allow you to withdraw money from your Roth IRA, but you might have to pay a penalty. However, under certain circumstances, you can borrow the money from your IRA for a short-term period only, as long as you will be able to redeposit the funds in an IRA within 60 days. According to the IRS, you can withdraw — tax free — some or all of the money in your Roth IRA as long as you invest the money back into the same Roth IRA or into a traditional IRA within 60 days. Deposit the amount you borrowed into an IRA within 60 days of your withdrawal. You can deposit the funds into the account from which you withdrew the money or an entirely new account. 1  If you return the money you withdrew from your IRA within 60 days, you won't have to pay taxes on it. If you rolled the funds over from a traditional IRA into a Roth IRA the amount rolled over or may not be available for penalty fee withdraw for five years. So if you have a traditional IRA with $10,000 in it and in 2010-year-old that over into a Roth IRA, you will not be overtake out the $10,000 until 2015. Instructions. Borrow money from your Roth IRA up to the amount you contributed this tax year. There is only one way to borrow from a Roth IRA and be able to put the money back into the investment. If you invested $3,000 into your Roth IRA in the tax year of 2008, you could take this $3,000 back out during 2008.
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can you borrow money against a roth ira