When you take a loan from your traditional IRA, the account is no longer considered a retirement account. This means that you will have to pay taxes on the money you borrowed as well as any interest that accrues. You will also be subject to a 10% early withdrawal penalty if you are under the age of 59½.
The good news is that you will not have to pay taxes on the money you borrow from your traditional IRA as long as you repay the loan within 60 days. If you cannot repay the loan within 60 days, then you will have to pay taxes on the money you borrowed as well as any interest that accrues.
If you are considering taking a loan from your traditional IRA, it is important to speak with a financial advisor to discuss the tax implications and to make sure that taking a loan is the best decision for your financial future.
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