The Gold Collar Investor
TGCI 37: Do you have an active 401K with your employer? How you can use CARES ACT to unlock upto $200K without any penalties or taxes?
May 25, 2020 · 21 min
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Summary:

In today’s show, Pancham interviews Damion Lupo, Founder and CEO, Total Financial Control. Damion shares some little-known details about the newly announced CARES Act that are guaranteed to help out W-2 investors.

Especially, you will learn how you can unlock your 401K funds (without paying penalties), take out additional loans, get leeway on interest payments and carry back losses to get tax refunds. 

We hope you enjoy this show!

Timestamped Shownotes:
  • 01:31 - Pancham welcomes Damion to the show
  • 02:34 - Damion shares his background information
  • 04:00 - How to unlock funds in your 401K fund courtesy the recently announced CARES Act
  • 05:32 - Will you have to pay taxes on your unlocked 401K funds? What about penalties? And are there any restrictions on where you can invest these unlocked funds?
  • 08:08 - How the CARES Act allows you to take out an additional loan against your 401K; do you get any leeway on interest payments?
  • 10:07 - Damion shares how you are now allowed to carry back your net operating loss 
  • 11:47 - What are the benefits of an eQRP?
  • 13:25 - Do you need a financial planning team to avail these new benefits?
  • 14:18 - How to plan your investments in the wake of COVID-19

 

  • 17:36 - Taking the Lead Round

 

  • 17:52 - The Gold Collar Investor Recommends: Damion shares his favorite book
3 Key Points:
  1. How to unlock 401K funds (without paying any extra penalties)
  2. How to take out additional loans against your 401K and get leeway on interest payments
  3. Carrying back net operating losses from your real estate business and getting tax refunds 

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