I'm thinking about cashing out my 401k to help start a business. I know I will pay a penalty, and that what I take out will be taxable income, but I expect my business to post a loss the first year that would offset most of (if not all) of this income. Would I still have to pay taxes on all of the 401k money? [more inside]
posted by wezelboy on Oct 1, 2009 - 8 answers

US Tax Filter: How do I report an asset transfer/rollover from an IRA into a 401k to the IRS so that we are not taxed for the amount? I know you are not my tax advisor. [more inside]
posted by anonymous on May 11, 2009 - 6 answers

Will opening a Solo 401(k) before year's end reduce my modified adjusted gross income (MAGI)? I'm a 28-year-old freelance worker with a sole proprietorship, and I'd like to be able to fully fund my Roth IRA for 2008 [more inside]
posted by anonymous on Jun 26, 2008 - 1 answer

Did my 401K just blow my IRA deduction out of the water? [more inside]
posted by kookywon on Feb 15, 2008 - 7 answers

A tax question. Our family has experienced a drop in income and an emergency (not medical). I have a 40 thousand dollar 401K retirement fund and want to get 16K out of it. Our family makes 91K gross with two dependents. What will be the tax hit on the 15 k from the retirement fund (so we won't be surprised at tax time). [more inside]
posted by anonymous on Jul 21, 2007 - 6 answers

I have a full-time job at a company that offers a 401k program which I'm currently participating in. I also have some freelance jobs that I'm doing. Is it possible to take all the money I get from my freelance work and put it into my 401k and avoid being taxed on it until I eventually take it out at retirement. [more inside]
posted by blim8183 on Nov 26, 2006 - 8 answers