What are the tax implications of transferring money from 401K into Self Directed IRA?
By admin ~ October 23rd, 2009. Filed under: General.
What are the tax implications of transferring money from 401K into Self Directed IRA?
I am looking to perform a rollover or transfer from my 401k into a self-directed IRA. I was wondering what, if any, tax implications I would be facing. Additionally, once that money hits the IRA I am looking to use those funds to start up a general contracting business building residential properties. Once again, I'd like to avoid tax penalties if possible, and I was curious to know whether or not taking the money from the IRA to use for my business would be considered a taxable event, or whether these transactions are tax-deferred or tax free. I'd appreciate thorough responses only please. Thank you!
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