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How can I use my 401k money for start up costs without paying tax on it?

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Answers (4)
Steven St
World Business Partners, Inc
Los Angeles County, CA

I agree with Don. There are companies that do this BUT this should be one of your very very very last options. Business failures for even established businesses are notoriously HIGH. The last thing you want to do is put your 401k at risk because if the business fails you will be paying far more than if you used other types of financing. Find a partner or find a different source of financing.

Apr 24, 2009
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Triple R Mergers and Acquisitions
Henderson County, NC

You have several options. You can do a rollover or we offer loans using your 401K as collateral. If you would like more information contact me at 800-368-1498 or you can schedule an appointment with me by going to http://my.timedriver.com/DW4CP

Rob Ritch
Biz Capital Solutions

Apr 22, 2009
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Franchise Advisory Group
PA

Dana, there are companies that specifically do that. It's called a rollover and is accepted by the IRS. Please contact me at 888-241-6629 and I will put you in contact with them.

Apr 16, 2009
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The BAF Group LLC
MD

Dana, you need to talk specifically to your 401k Administrator or a CPA. This is a very dangerous thing to do, and frankly I would not recommend it, in the strongest terms. But again, for a specific answer, you need professional guidance that know your personal financial situation. Please be careful with that.

Apr 15, 2009

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