Frequently Asked Questions
Can I really do this?
Yes, but there are restrictions and specific guidelines that must be followed. Click on the Contact Us page and fill out the form. Our in-house CPA will be happy to visit with you and see if this works for you.
What type of business can I buy or start?
You can fund virtually any type of business, including real estate. One exception is a business whose primary purpose is lending to others
Do I have to quit my job in order to rollover funds from by 401(k) plan?
If you are no longer employed by the company in which you had your 401(k), you can use your funds immediately. If you are still employed, check with your existing employer and see if they allow "in-service distributions" for the 401(k) plan. Most do not but it is worth asking.
COVID-19 NOTE: The Cares Act has a provision that allows employees who have not lost their job to access up to $100,000 if they have experienced adverse financial consequences as a result of being quarantined, being furloughed, having work hours reduced or being unable to work due to lack of child care. If you qualify, you can access these funds to start a business and not have to pay taxes on those funds. Click the Learn More button and talk with Mickey Parker, CPA.