Comments on: How do I use my 401k for startup funds, little taxes, and reinvesting?-unemployed? http://www.secretfinance.com/blog/how-do-i-use-my-401k-for-startup-funds-little-taxes-and-reinvesting-unemployed/ Thu, 17 May 2012 20:01:42 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Wayne Z http://www.secretfinance.com/blog/how-do-i-use-my-401k-for-startup-funds-little-taxes-and-reinvesting-unemployed/comment-page-1/#comment-1945 Wayne Z Wed, 03 Jun 2009 01:31:57 +0000 http://www.secretfinance.com/blog/how-do-i-use-my-401k-for-startup-funds-little-taxes-and-reinvesting-unemployed/#comment-1945 There are no exceptions to paying taxes on a cashed out 401k. There are a few exceptions to the 10% penalty but starting a business is not one of them. There are no exceptions to paying taxes on a cashed out 401k. There are a few exceptions to the 10% penalty but starting a business is not one of them.

]]> By: mudbug http://www.secretfinance.com/blog/how-do-i-use-my-401k-for-startup-funds-little-taxes-and-reinvesting-unemployed/comment-page-1/#comment-1944 mudbug Mon, 01 Jun 2009 09:55:04 +0000 http://www.secretfinance.com/blog/how-do-i-use-my-401k-for-startup-funds-little-taxes-and-reinvesting-unemployed/#comment-1944 You might want to plan carefully. The amount taken out and not rolled over within 60 days is taxable. Some folks take some out in December and some out in January to spread the tax burden over two years. If you are not yet age 59 1/2 you may be subject to an additional 10% penalty. Your 60 (calendar) day count for the rollover started the day after you received the check from them. You might want to plan carefully. The amount taken out and not rolled over within 60 days is taxable. Some folks take some out in December and some out in January to spread the tax burden over two years. If you are not yet age 59 1/2 you may be subject to an additional 10% penalty.

Your 60 (calendar) day count for the rollover started the day after you received the check from them.

]]>