Withdrawals from a 401(k) account are difficult if you're still employed by the company offering the 401(k). Withdrawals are allowed in certain circumstances -- such as to avoid foreclosure -- but are still subject to income tax and sometimes to the 10% early withdrawal penalty.
It's a holiday week, so I'm re-posting popular blog posts from the past. New material resumes next Tuesday the 10th. ----- Originally published February 16, 2015 Scenario: client is a sole proprietor. They enter into a small ($5,000), 5-year franchise agreement. The client is paying the $5,000 over a 24-month period. The client is also paying [...]
Here are the top-5 most-popular posts on this blog in 2016. The runaway winner, for the third year in a row, is the story about insolvency and cancelled debt. ----- #5: Take the Money and Run? The Tax Consequences of Winning a Home in a Giveaway, Part 2 In 2012 I wrote a series of posts [...]
I was apparently in an angry, bitter mood when I wrote this one back in 2013 about the lack of respect EAs get. The post is certainly a righteous rant!