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Use of Your IRA
blahgeetsa
subscriber Posts: 1
Hi Everyone,
I read earlier posts regarding hesitation is borrowing against one`s
401k
funds, however...
Using a portion (not the whole enchilada) of your IRA account for under
$25,000 to fund the initial start up of your business seems like a smart
move to me. I think I read that borrowing funds from your IRA for 60 days
is penalty-free?
Anyone have experience with this?
Thanks!
blahgeetsa
I read earlier posts regarding hesitation is borrowing against one`s
401k
funds, however...
Using a portion (not the whole enchilada) of your IRA account for under
$25,000 to fund the initial start up of your business seems like a smart
move to me. I think I read that borrowing funds from your IRA for 60 days
is penalty-free?
Anyone have experience with this?
Thanks!
blahgeetsa
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Comments
I also had a chat today with my accountant and he said the same thing...are
you sure y`all weren`t practicing any mental telepathy? LOL.
Also, he suggested I go the traditional loan route, which may be viable,
given the small sum I`ll need.