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Using 401k for business loan
Posted by bgrabarek on 06/28/2010 - 08:29
I am a 55 yr. old male and I am considering leaving employment due to health concerns, I am seeking info in regard to my two 401(k)s. My 28 yr. old son is considering a Matco franchise. I am considering loaning him the total needed to purchase the franchise in his name at the required minimum interest rate. I need to know if I can provide the funding from my 401(k) and avoid the 20% plus tax liability with the franchise in his name.
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