401 K Withdrawal

Question

Feb 27, 2007, 07:21 AM

zingerkj

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Join Date: Feb 2007

Posts: 1

401 K Withdrawal

I left my old company after 10 yrs and going to rollover that company 401, to my own..I started my own consulting LLC company and need some capital equipment funds..Can I take money from my new 401 and loan to my company to pay back w/o penalties ??

Answers

Feb 28, 2007, 09:47 AM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,247	Sorry for the delay in answering; there was a glitch in the updating process on my computer. No, such a loan is forbidden and will be considered an early distribution with the resulting tax and penalties due.

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