Question

 How do I remove money from a 401(K) to pay debt?

Answer 401K LoansContact the company that manages your 401(K). Fill out the 401K loan request form and determine how many years you wish to take to pay back the loan. A loan from a 401k is the only way t... Read More »
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Top Q&A For: How do I remove money from a 401(K) to pay debt

Can the IRS take money in a 401k for tax debt?

Yes, the IRS can seize garnish funds from a 401k retirement account to cover an unpaid tax debt. However, the IRS must first send a Notice and Demand for Payment letter stating the exact amount ow... Read More »
http://www.answerbag.com/q_view/2249703

Can you take 401k money to use for a down payment?

The Internal Revenue Service allows loans from 401k plans. If the loan is for a home down payment, the repayment period can be 10 years, rather than the usual five-year repayment period, according ... Read More »
http://www.answerbag.com/q_view/2229960

Should I borrow money from my 401k?

On One Hand: Don't Tap Your Nest EggYour 401k plan represents your retirement savings. If you take a loan, you hamper your ability to continue to contribute money to your 401k plan. If you fail to ... Read More »
http://www.answerbag.com/q_view/1998104

When do I take money from my 401k account?

On One Hand: Mandatory DistributionsTaking money out of a qualified retirement plan, such as a 401(k), requires a few careful considerations before doing so. Generally, if taken out before age 59.5... Read More »
http://www.answerbag.com/q_view/1953885


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