I have an IRA and a loan attached to it. Quicken gives the value of the IRA in the Investing Center, less the loan amount. Then the loan amount is listed in the Property & Debt Center. It did this automatically upon the IRA setup. My question is when I make a payment to the loan it decreases the loan amount as it should but does not increase the amount in the Investing Center to show the updated value of the IRA. Any suggestions,
JLD
I'm not sure what you are trying to do since it is illegal to borrow money from an IRA. Doing so is considered an immediate withdrawal from the IRA and disqualifies the remaining IRA balances as well. This will subject the entire balance in excess of your basis to tax and possible penalty in the year of the prohibited transaction.
Ira Smilovitz
Top posting corrected (because *I* like to read posts in this sequence. Of course YMMV)
"Ira Smilovitz" wrote in news: snipped-for-privacy@individual.net:
I used to have a loan from TIAA that was set up with a portion of my 403 (b) 7 as collateral. It continued to collect dividends while I paid a higher (but not much) rate of interest on my loan.
That may be the difference between regular IRA and 403(b)7.
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