Yes, you can sort of "borrow" funds from your IRA for short-term needs, but beware!  The money must be returned to the IRA within 60 days, or the amount you took out will be considered a distribution and taxed.  In addition, if you are not yet 59 1/2, there will be a 10 percent penalty.

The Internal Revenue Service does not take this deadline lightly and is unlikely to waive the penalties.  There are sad stories about people who tapped an IRA to pay a mortgage or a nursing home; when the expected real estate sale or other financial payback did not come through in time, the IRS was adamant: the amount "borrowed" from the IRA and not repaid before the deadline became taxable.

The IRS says they will grant a waiver only if the failure to meet the deadline was due to factors beyond the taxpayer's control: a bank error, illness or hospitalization.

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