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    TeriM's Avatar
    TeriM Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 3, 2006, 02:57 PM
    Unemployed with a 401K
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 3, 2006, 04:51 PM
    You are S-O-L and will pay a LOT of taxes.
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