Borrow from an IRA legally by making a short-term loan. Generally, IRA borrowings are prohibited. But it is possible to move funds from one IRA to another as long as the transfer is completed within a 60-day period. Benefit: You have use of the funds for 59 days. The exact amount you take out of the first IRA must be placed in the second one within the 60 days. And you can use this device only once in a 12-month period.