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If you have a 401(k) retirement plan in Texas, you may be surprised to find out some of the withdrawals you can make without penalties. In order to make the most informed decisions about how you can use your 401(k) you need to talk to an expert. In Texas, the place to turn for that level of expertise and help is DRDA, P.C., at www.drdacpa.com. Contact the expert business consultants at DRDA, P.C. today to find out how you can even use your 401(k) to finance a small business. In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936.
What is a 401(k)?
A 401(k) is a retirement plan that is funded with pre-tax payroll deductions. You can then invest these funds in your choice of different stocks, bonds and mutual funds. With a 401(k) you pay no tax on any capital gains, dividends or interest until the money is withdrawn. There are several benefits to having a 401(k) retirement fund, including:
· Funds can compound tax-deferred within the account · Employers will often match a certain percentage of your contribution · You can customize your investment choices · A 401(k) is portable- if you leave your present place of employment, you can roll your 401(k) over into an IRA or into your new employer’s 401(k) plan · You can take a loan or a hardship withdrawal against your 401(k) · Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· Employers will often match a certain percentage of your contribution · You can customize your investment choices · A 401(k) is portable- if you leave your present place of employment, you can roll your 401(k) over into an IRA or into your new employer’s 401(k) plan · You can take a loan or a hardship withdrawal against your 401(k) · Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· You can customize your investment choices · A 401(k) is portable- if you leave your present place of employment, you can roll your 401(k) over into an IRA or into your new employer’s 401(k) plan · You can take a loan or a hardship withdrawal against your 401(k) · Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· A 401(k) is portable- if you leave your present place of employment, you can roll your 401(k) over into an IRA or into your new employer’s 401(k) plan · You can take a loan or a hardship withdrawal against your 401(k) · Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· You can take a loan or a hardship withdrawal against your 401(k) · Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· Your gross income is reduced by the amount you invest in your 401(k) allowing you to pay less taxes on your earned income · You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
· You can fund your 401(k) through automatic payroll deductions Withdrawals, Loans and HardshipsYou are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account. Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence. Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.Using Your 401(k) With a BORSA Plan You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision. If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
Withdrawals, Loans and Hardships
You are allowed to make withdrawals from your 401(k) under certain circumstances. It is important to remember though, that your 401(k) is intended for your retirement, so consider carefully before you make withdrawals or loans against the account.
Typically, you can borrow against your 401(k) in the case of financial hardship. Circumstances that qualify as a hardship include the purchase of your primary residence, payment of post-secondary education expenses for yourself, your spouse, your children and other dependents and the beneficiary of your 401(k), payment of certain un-reimbursed medical expenses or burial and funeral expenses or to prevent the eviction from or foreclosure of your principal residence.
Some 401(k) plans will also allow you to take a loan against a portion of your 401(k) to buy a car, make improvements to your home and possibly other circumstances as well. When you borrow against your 401(k), for either a hardship or another type of loan, you generally have five years to repay the loan. You will need to make regular payments (at least quarterly) on both the principal and the interest. If you do not make your regular payments, the amount of the loan will be considered a distribution and you will need to pay taxes on it. If you are under the age of 59 ½, you will also be subject to a 10 % federal penalty tax as well, so it is very important to stick with your repayment plan consistently.
Using Your 401(k) With a BORSA Plan
You may also be able to use your 401(k) rollover to fund a BORSA plan. A BORSA plan is a Business Owners Retirement Savings Account Plan, and it allows you to fund the purchase of a franchise, business start-up or business property using the holdings in your 401(k) without distributions, taxes, penalties or the use of the loan provision.
If owning your own business is a dream of yours, a BORSA plan can solve the problem of financing that business. To find out more about rolling your 401(k) into a BORSA plan today, contact the experts at DRDA, PC www.drdacpa.com or www.borsaplan.com In the Houston area, call (832) 615-2887 or toll free at (888) 588-2022. In the Galveston area, you can call (409) 765-9311 or toll free at (800) 819-1936. Owning your own business could be closer than you think.
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