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72t from 401(k) with existing loan
- Date of Birth:02/22/1971
- 72t Method:amort
- 72t Distribution Start Date:12/22/2019
- Life Table Used:Single
- Stub Year (Y/N):n
- Annual Recalc (Y/N):n
- AFR Rate:2.03
- Account Balance(s):1515033.71
I just retired from my job in October and plan on doing a Sepp plan in December when my company stock is liqudated in my 401k.
I also have a loan that I have to pay back in the amount of 11287.68. Can I take the money directly out of the 401k and pay off the loan with a 10 percent penalty and then start the sepp plan? Also since they only liqudate stock once a quarter I will get the next stock bump/decline in December. Can I start a plan before the stock liquadation or will I have to wait until after ?
Tyroneshu, I created a new thread for your questions so they're no longer hidden under the "template". Let me know if you have any trouble accessing or viewing the posts.