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re: Borrowing money from 401k...how does this work usually?
Posted on 2/24/16 at 6:53 pm to TheCaterpillar
Posted on 2/24/16 at 6:53 pm to TheCaterpillar
Is the 401K money with your current employer? If not you can just roll it into an IRA and use that as a down payment with no need for a loan.
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
2
Posted on 2/24/16 at 7:51 pm to Powerman
quote:
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
Can you take out 10K net or 10K gross?
I know you have to pay taxes on the disbursement
Posted on 2/25/16 at 1:56 pm to Powerman
quote:
Is the 401K money with your current employer? If not you can just roll it into an IRA and use that as a down payment with no need for a loan.
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
So layoffs are hitting our office today. We're hearing as much as 25% of remaining workforce. Haven't been called in, but makes me question my financial footing. Looked into my 401k today. You're saying if you roll your 401k into an IRA, you can touch 10k of it penalty free?
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