ANSWERS: 2
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I don't think there are any penalties, as long as it's a direct ROLLOVER and you do not touch the funds yourself. Do not let a check come to you...it needs to be handled from fund to fund. I'm sorry I don't know about taking a loan from an IRA, I hope someone else here can help you with that part of your question. An accountant can probably help you with a general question like this over the phone. I know a loan can be taken from a 401k though, but each plan has its own special rules about it. In general though, the loan is paid back through payroll deductions with an interest rate usually being the Prime Rate. The great thing is, the interest is paid back to YOUR account. The downside is, if you leave your job for any reason, the total amount is due immediately. So a loan from 401K is not a good option if you don't think you'll be keeping your job. You may find this article helpful (I find Bankrate.com great for many financial topics) http://www.bankrate.com/brm/news/dollardiva/20011206a.asp
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I should of added that my IRA account was sent up through a previous employer and my 401K is set up with my current employer. I don't know if that will make a big difference or not. Also, the companies that I have my accounts with are two different companies.
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