Updated over 6 years ago on . Most recent reply
SD IRA legality issue
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
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Dmitriy Fomichenko
#1 New Member Introductions Contributor
Tax & Financial Services
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- Solo 401k Expert
- Anaheim Hills, CA
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).