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Updated about 7 years ago on . Most recent reply
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Current IRA to Self Directed IRA conversion?
I currently have an IRA with the company I am employed with through fidelity, invested in the company stock. I have been using a loan strategy on it to purchase and rehab my properties. Is it possible to switch the rest of the funds into a self directed IRA as I can only access half at a time. As far as closing the account, it is not possible until I leave the company. Part 2, is there any tax advantage for me doing self directed as opposed to just continue to do the loan program they offer.
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You most likely have a 401k with fidelity through your company not an IRA.
You mentioned you have a loan on it (which is maxed st 50%). Most companies hat allow loans do not allow in-service rollovers or withdrawals meaning that the other 50% is stuck until you leave (which at that point the loan would be due or it would be viewed as an early withdrawal and subject to taxation and penalties).