And for the record I didn’t recommend it. Just said it was an option. I agree

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Mar 29, 2024
6:17:10pm

VenturaCoug Starter

And for the record I didn’t recommend it. Just said it was an option. I agree

that there is some risk.

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VenturaCoug

Bio page: VenturaCoug
Joined: Oct 1, 2014
Last login: May 28, 2024
Total posts: 1,273 (1 FO)

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Messages

Author

Time

401K Withdrawal question and time to payback

compcoug

Mar 29, 5:35pm

You can do a withdrawal from an Ira and put it back within 60 days. Not sure

VenturaCoug

Mar 29, 5:37pm

Just googling the 60-day rule and it looks like it applies to 401ks as well.

VenturaCoug

Mar 29, 5:38pm

Just pull a loan from your 401k and then pay it back whenever. It’s easy.

RdF3

Mar 29, 5:42pm

Ignore all the misinformation in this thread. Your easiest answer is to pay the small fee and do a 401k loan.

RdF3

Mar 29, 5:52pm

60-day rule is not misinformation. Commonly known loophole. If he

VenturaCoug

Mar 29, 5:56pm

The risk of not getting it back in time & a potential mandatory withholding isn’t worth saving the $50 origination fee

RdF3

Mar 29, 6:00pm

I agree but it’s not misinformation to say it’s an option.

VenturaCoug

Mar 29, 6:01pm

There’s misinformation in this thread and surely more will be posted. Recommending the 60 day rollover is bad advice too

RdF3

Mar 29, 6:05pm

I’ve done it before. Worked great. Not bad advice. I’m a tax attorney myself.

VenturaCoug

Mar 29, 6:06pm

And for the record I didn’t recommend it. Just said it was an option. I agree

VenturaCoug

Mar 29, 6:17pm

Leave your 401k there. Pretend it does not exist.

King of Y

Mar 29, 5:47pm

If you can replace it in 60 to 90 day just wait 60 to 90 days. If you remove

byucougarsbig12

Mar 29, 5:48pm

Don’t do a 60 day rollover from 401k they will automatically w/h 20% for fed tax

Cougz19

Mar 29, 6:51pm

Didn’t know that re 401ks. Good to know.

VenturaCoug

Mar 29, 7:04pm

You should call Dave Ramsey and ask him. Come on. It would be fun! 😛

Mar 29, 7:16pm

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