[SpamCop-Social] Re: 401K withdrawals.
devnull at spamcop.net
Sat Sep 3 10:51:58 EDT 2005
| > I know we can do a standard withdrawal but that involves penalties and
| > taxes. What we'd hope to do was to find some what to borrow from or
| > the accounts.
| I think if you roll them over into an IRA, you can then use the IRA
| as collateral for a loan.
Checked on using the IRA as collateral, not an option as it is SPECIFICALLY
prohibited by the IRS. We have more than sufficient collateral but it's all
within NOLA and there is no way to borrow against that in the current
A complication is that those with the funds are living outside the affected
area. Another complication is the funds will be used for interim living
expenses until the business/jobs get back in gear.
Additionally (not at all sure on this) we understand that if we find lodging
(hotel/motel/extended stay rental) within the affected area we can get
support but if the lodging is outside the affected area, no support.
Likewise all available instate rentals are now controlled by FEMA.
More information about the SpamCop-Social