 |
bbamx
Registered: Aug 2012
Posts: 2 |
08-10-12 02:42 AM
I have some money in my old employer's 401K plan. I have since started my own company, an SCorp. Is it possible to set up an IRA or 401k at my 1 person company and roll it over into that?
I am looking for ways to access the money since biz loans are impossible.
If I cash out I lose 30% and I don't want to give my money to the govt. I could roll over to basic IRA and take out a 60 day loan but that might be too quick to pay back.
I have seen options for CCorp or larger companies, can a one man operation do this? Look forward to your insight!
|
| |
|
Edit/Delete • Quote • Complain |
dcunited
Registered: Aug 2002
Posts: 109 |
08-10-12 04:18 AM
Not a problem to set up a rollover IRA, just about any broker can do this, most for free. You'll more than likely have to liquidate the positions in the 401k and then have the check sent to your new rollover IRA. To your point you have 60 days to work with the cash, but it will have to be in the rollover IRA by day 60.
No chance pulling it out for a small business loan..that is without the 10% penalty and income tax. Unless you can prove a hardship, you're out of luck there.
I'd look for a co-signer for a small business loan.
|
| |
|
Edit/Delete • Quote • Complain |
colonial dr
Registered: Aug 2012
Posts: 294 |
08-10-12 04:28 AM
Quote from bbamx:
I have some money in my old employer's 401K plan. I have since started my own company, an SCorp. Is it possible to set up an IRA or 401k at my 1 person company and roll it over into that?
I am looking for ways to access the money since biz loans are impossible.
If I cash out I lose 30% and I don't want to give my money to the govt. I could roll over to basic IRA and take out a 60 day loan but that might be too quick to pay back.
I have seen options for CCorp or larger companies, can a one man operation do this? Look forward to your insight!
C corp is usually not small business, but no reason one man can't do it. Are you starting a small biz or startup? If startup, venture capital is an option for you.
|
| |
|
Edit/Delete • Quote • Complain |
bbamx
Registered: Aug 2012
Posts: 2 |
08-10-12 11:31 AM
I bought an existing business and since I'm new to it, no banks will touch me. I also put the business on credit cards, so when they see the debt, they run. I've been chipping away at it and using some 0% balance transfers but sure would love to tap into a low interest loan.
|
| |
|
Edit/Delete • Quote • Complain |
| Receive
an email whenever a new post is added to this thread by subscribing
to it. |
|
|
|
|
