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401K experts needed
Posted on 3/29/13 at 10:33 am
Posted on 3/29/13 at 10:33 am
First time on Money Board, I searched but did not find the exact scenario. I have around 100K in a 401K and I would like to invest that money in land. Is there any way to pull it out of the 401K without being taxed? I would immediately put the money back into the land deal. TIA
4
Posted on 3/29/13 at 10:36 am to Choirboy
Basically no ....
You usually can take a loan from the 401k but you can't just yank it out.
You usually can take a loan from the 401k but you can't just yank it out.
Posted on 3/29/13 at 10:53 am to threeputt
Yeah, just like the poster above put, you will be taxed on the money you take out.
Basically, you paid no taxes on that income primarily, so the IRS would definitely not allow you to invest tax-free money
Basically, you paid no taxes on that income primarily, so the IRS would definitely not allow you to invest tax-free money
Posted on 3/29/13 at 11:02 am to Tmacelroy12
I knew the answer already 
I was hoping there was a way.
I was hoping there was a way.
Posted on 3/29/13 at 11:12 am to Choirboy
As someone pointed out, you can borrow against your own IRA. The interest that you pay you will pay to yourself.
Posted on 3/29/13 at 11:30 am to Layabout
quote:
As someone pointed out, you can borrow against your own IRA. The interest that you pay you will pay to yourself.
While that is true, you are borrowing untaxed money and then pay back post-tax money. And then you get to paytax again when you retire. Still probably not a good idea.
Posted on 3/29/13 at 12:36 pm to Choirboy
Check with whoever holds your 401k, you may be able to roll it over to an IRA and do it from there, not sure though.
Posted on 3/29/13 at 1:45 pm to Choirboy
Yes, create a self directed IRA. Roll money from 401(k) to IRA. Have IRA invest in land.
Posted on 3/29/13 at 2:57 pm to Poodlebrain
quote:
Yes, create a self directed IRA. Roll money from 401(k) to IRA. Have IRA invest in land.
Now this I can check into.
Posted on 3/29/13 at 4:08 pm to Poodlebrain
Agree with Poodle. I have read that with a self-directed IRA, you can buy silver or gold. Land would be similar.
Posted on 3/30/13 at 2:10 pm to matthew25
There are considerations for off brand investments like land.
I think there are requirements for there to be an intermediate.
Like: You can't use the money to buy land yourself.
But you can use the money to give to someone else to buy the land and sell with a gain.
I think there are requirements for there to be an intermediate.
Like: You can't use the money to buy land yourself.
But you can use the money to give to someone else to buy the land and sell with a gain.
Posted on 3/30/13 at 3:27 pm to Siderophore
Yep. With silver and gold, for example, you have to keep it at a bank or some other financial institution. You can't legally just buy it off the internet and store it in your house for IRA purposes.
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