Yesterday we discussed longer term borrowing from retirement plans. There is one short term borrowing option – the 60 day rule for IRAs. If you put the money back in the IRA within 60 days you don’t get penalties or taxes. See this article inSmart Money by Bill Bischoff that goes over the advantages and the pitfalls of this option:
http://www.smartmoney.com/taxes/income/borrowing-from-your-ira/
Just remember to be careful on this type of short term borrowing and follow the rules or you could get hit with a tax bill plus penalties.
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