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!



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.



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