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401k and 403b Loans
This is a rollover or transfer of any qualified retirement money from an IRA, a previous employer's 401(k), a 403(b), or another retirement plan, in any amount tax-free to your new self-employed 401(k) or your 403(b) with a loan feature.
You are allowed to borrow up to a maximum of $50,000, but you can't borrow more than 50%, of the account balance in your self-employed 401(k) or 403(b) account.
You may use this loan can be used for any purpose. When you follow the IRS loan repayment guidelines your loan stays tax-free and penalty-free.
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