Can I use my 401(k) as collateral for a loan?

June 30, 2024 No Comments

A: Although federal Internal Revenue Service, or IRS, regulations prohibit using a 401(k) plan as collateral for a loan, it is sometimes possible for an individual to obtain a loan directly from the 401(k) account. Basic Inaccessibility of 401(k) Funds Generally, 401(k) plans are very

Can I use my 401(k) as collateral for a loan?

July 7, 2024 No Comments

Can I use my 401(k) to pay for my college loans?

June 30, 2024 No Comments

A: If you are over 59½ or leave your plan-sponsoring employer after age 55, you are free to use your 401(k) to pay for anything you like. If you are younger, you can still withdraw funds from your 401(k) to pay off college loans, but

Can I use my 401(k) to pay for my college loans?

July 7, 2024 No Comments

Can I use my IRA to pay for my college loans?

June 30, 2024 No Comments

A: If you are older than 59½ and have been contributing to your IRA for more than five years, you may withdraw funds to pay off your student loans at any time. If you are younger than 59½, you can still use your IRA funds

Can I use my IRA to pay for my college loans?

July 7, 2024 No Comments

Can I use my self-directed IRA to take out a loan?

June 30, 2024 No Comments

A: A self-directed IRA is a versatile financial resource for retirement. Under some circumstances, you can use it to take out a loan. There are some restrictions to keep in mind, or the IRS may decide the account no longer qualifies for deferred taxation. The

Can I use my self-directed IRA to take out a loan?

July 7, 2024 No Comments

Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

June 30, 2024 No Comments

A: If you inherited an IRA from someone who was not your spouse at the time he/she died, the amounts that you receive as a distribution from the IRA will never be subject to any early-distribution penalties. However, amounts you receive will be treated as

Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

July 7, 2024 No Comments

All Rights Reserved