IRA loans
Client needs to access his IRA for temporary funding of new home construction. I understand the 60 day rule and once a year rule. Does the once a year rule apply to both his and his wife’s IRA’s, or could she also tap her IRA in the same year, if needed, for funding?
Thank!
Permalink Submitted by Alan - IRA critic on Thu, 2015-03-19 15:23
IRAs are individual, so the rollover limitations apply separately to the IRAs of each spouse. Note that a distribution for a qualifying first home acquisition that is cancelled or delayed can be rolled back within 120 days of distribution, but the number of rollovers per taxpayer is not increased.