jphalter@ihuxb.UUCP (J. Halter) (03/06/84)
The IRS allows temporary withdrawal from an IRA without penalty. This assumes that the money is returned to the IRA (or any other IRA) within 60 days. Obviously, you can't put your IRA money into long term certificates (or such) and expect to withdraw your money freely. However, if your IRA (or some portion of it) is relatively liquid (ie. money market accounts, stocks, etc.) there is no penalty for the temporary withdrawal. This rule is similar to the one that allows transfer of funds between multiple IRA's without penalty. The #1 rule is that the money must remain in some type of IRA to avoid the penalty & tax assessment.