central - east central Minnesota - | croptecsolutions - 8/18/2013 17:11 Is there a way to get money out of a 401k without paying the 25% they want in penalties. I have the opportunity to lease 900 more acres of grass. I will have to have a note to buy cows, but I don't want two notes . I want to use my 401k to pay for the cows I have now. That way I am not so strapped for cash later on. Any advice would be very helpful.
It is possible to use 401K moneys in "Self Directed" plans . . . it is very complicated and any little slip of the pen, and the IRS may/could rule differently and you pay penalties and more. First, the 401k has to be converted to a IRA.
Google self directed IRA's and see what you come up with. There are two basic types of investments to consider ~
http://en.wikipedia.org/wiki/Self-Directed_IRA
There are trustee's / companies that specialize in such. FIrst and formost, I'd consult with an attorney that specilizes in such and then a CPA that specializes in such. good luck
Edit for clarity
Edited by iseedit 8/18/2013 19:10
|
401k question
