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Updated about 7 years ago on . Most recent reply

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41
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21
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Drake Espenlaub
  • Investor
  • Evansville, IN
21
Votes |
41
Posts

Current IRA to Self Directed IRA conversion?

Drake Espenlaub
  • Investor
  • Evansville, IN
Posted

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.

Most Popular Reply

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956
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214
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Josh Green
  • Financial Advisor
  • Tampa Area, FL
214
Votes |
956
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Josh Green
  • Financial Advisor
  • Tampa Area, FL
Replied

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).

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