Can you borrow from an IRA?

I believe it depends on your IRA plan administrator but I don’t think there is a statutory rule against it. I borrowed from my IRA many years ago for a down payment on a house. Check with your plan administrator to be sure.

thanks reed

Many plans allow it, but it is not advisable on a routine basis. It may also have tax implications so you should check carefully.

Frightened the life out of me there. For an Irish person at first glance, that question means something entirely different.

@osullivanbr I just bet! You gave me a chuckle, although I am aware the historical situation was not funny.

This is an old question, but you can not make a loan from an IRA. You can make withdrawals. And, for a first time home buyer, you can make a withdrawal of up to $10,000 with no early withdrawal penalty of 10%. But, you do have to pay tax on the money.

You can only make loans from a 401(k) as long as your plan allows loans.