Had our 341 a few days ago as I explained in another post.
We need a "new" car. I have enough funds in my 403B that I can borrow against it without hurting the long term viability of the policy. It would not be considered income because it's just a loan to myself, with payments made quarterly, which we can afford.
My question is this: How long after the 341 is it within my power to get that loan from my own retirement account. My attorney's "helpers" have suggested that I need to wait, because the account is still technically the property of the trustee, even though it's an exempt asset. How long is it required that I wait until I can access those funds?
We need a "new" car. I have enough funds in my 403B that I can borrow against it without hurting the long term viability of the policy. It would not be considered income because it's just a loan to myself, with payments made quarterly, which we can afford.
My question is this: How long after the 341 is it within my power to get that loan from my own retirement account. My attorney's "helpers" have suggested that I need to wait, because the account is still technically the property of the trustee, even though it's an exempt asset. How long is it required that I wait until I can access those funds?