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Oh, and so you understand it better:
You have $100K in a 401k. you do an indirect rollover. They cut you an $80K check, and send $20K to the feds. You need to then supply the new 401K with $100K somehow within 60 days. They don't care how, just that you put $100K in their account.
So, can you take that $80K, and do whatever with it for 60 days? Yes. But you MUST have $100K back in the new account after that time.
If you have the $20K liquid to add in yourself to make up the difference, then you won't be needing that $80K infusion, so it makes no sense. If you DON'T have that $20K liquid yourself, then you're going to not make the mark, and you just lost $20K, gone, poof.
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Mike Bradshaw
1980 911SC sunroof coupe, silver/black
Putting the sick back into sycophant!
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