SoonerSublime
Junior Member
What is the name of your state? Oklahoma
I have a little over $40000 in my 401k and have decided to start a business with it. My question, Is it within my right to pull the money out, incur the 10% penalty and not have to pay taxes on the withdrawal because I will be investing it in my business(capital loss) and how does this work. I will check frequently if you have any questions about what I am trying to do. I will be starting an llc if that is needed to do this.
I have a little over $40000 in my 401k and have decided to start a business with it. My question, Is it within my right to pull the money out, incur the 10% penalty and not have to pay taxes on the withdrawal because I will be investing it in my business(capital loss) and how does this work. I will check frequently if you have any questions about what I am trying to do. I will be starting an llc if that is needed to do this.