I just became unemployed yesterday and have a 401k with $16K. I have a loan of 2K, and don't have 2K to pay off the loan. What I want to do is rollover 10K to an IRA and take 6k pay the loan and keep the rest :D . IS there a special OMG you lost your job excuse when I file my taxes :eek: . Or am I basically S-O-L and have to lots of taxes :confused: .

Thanks

You are S-O-L and will pay a LOT of taxes.