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system
can i borrow against my ira to pay off debt or pay for a car?
user
no. borrowing is not allowed, but if you take a withdrawal, you have 60 days to deposit into another ira account. this effectively creates a 60 day loan. not what you're really looking for.  if you take this withdrawal and re-deposit to new account within 60 days, no problem. if not, you owe tax on the untaxed amount as well as a 10% penalty. this comes from irs' publication 590, i have the document memorized by substance, not page number.
assistant