What is a 60-day grace period for an IRA account?

The 60-day grace period on any IRA account allows you to borrow from the account short-term. As long as you replace the funds in full within 60 days, you will not be subject to taxes and penalties on the withdrawal. This option is risky since both taxes and penalties will be assessed immediately upon the completion of the grace period, but it can pay off in several scenarios.

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