Can i rollover an IRA to payback a 401K loan I took out without being taxed? and Phone Call with President about Student Loans

Can i rollover an IRA to payback a 401K loan I took out without being taxed?

Took out a 401K loan to buy a house. I want to payback the loan asap and I was wondering if I can use my IRA from a different account to payback the 401K loan without any tax penalties?


loan best answer:

Answer by Radioactive
If you break an IRA you will have to pay taxes on the distribution.
Not a good idea.

With a roth there is a little known rule:
You can take out $ 10,000 for the purchase of your first home without a penalty.
But, you need to fill out forms before you take the money out, and before you actually buy the home.
(this may be what your mind is thinking of).

Just hunker down, and start cutting expenses like your hair is on fire to pay back that loan.

loan

Phone Call with President about Student Loans


Image by MDGovpics
Governor O'Malley takes phone call with president about student loans by Tom Nappi at Governor's Office, State House, Anapolis, Maryland

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