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Updated almost 6 years ago on . Most recent reply

Steven Parks's profile image
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Steven Parks
  • Rental Property Investor
  • from Lindale, TX
  • Member since Apr 22, 2019
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Steven Parks's profile image
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Steven Parks
  • Rental Property Investor
  • from Lindale, TX
  • Member since Apr 22, 2019
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Steven Parks
  • Rental Property Investor
  • Lindale, TX
9
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37
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Off Topic

SD IRA legality issue

Steven Parks
  • Rental Property Investor
  • Lindale, TX
Posted

My friend and I both rolled our 401 K's into SD IRAs. To get the cash out of these IRAs, can he loan me his IRA and I loan him mine and then cash them out, due to the fact we aren't prohibited members?

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Dmitriy Fomichenko
#1 New Member Introductions Contributor
  • Solo 401k Expert
  • Anaheim Hills, CA
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Dmitriy Fomichenko
#1 New Member Introductions Contributor
  • Solo 401k Expert
  • Anaheim Hills, CA
Replied

@Steven Parks

IRA and 401K are considered "retirement accounts" and designed to provide you with benefits during retirement, not now. If you need cash now you could take a distribution with applicable taxes (and penalties if under 59.5 years old).

  • Dmitriy Fomichenko
  • (949) 228-9393
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