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If you have taken a loan from your 401(k) and you are concerned about paying it back, this is vital information to know. Mark and Mat break down how the process works for converting a loan into a distribution. They also go into some alternative strategies to reduce the early distribution fees and taxes under the CARES Act. Subscribe to be sure you don’t miss any game-changing strategies for building wealth, saving on taxes, and living the American Dream!
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How about IRA accounts? Is there still time to distribute money from an IRA to invest in a business? Can I get a loan from my IRA even though COVID is over? I bought your audio book and I am seeking more information on how to use my IRA for a business investment.
Two questions concerning a Cares Act distribution from my 401k. First does the distribution have to be spilt evenly between the three years or can it be weighted to years of lower income? Second if it can be repaid does it have to go to the same 401K account it came from, or can I repay it into my SDIRA instead?
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