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return of money to 401k within 30 days
PC took money out of 401K with the intent of having it being returned from his tax refund within 30 days. He used the 401K money to buy a car. Now he has returned the money to the 401K, all within 30 days so that he does not have to pay taxes. There is not enough left in the wildcar to exempt the refund and the new car. There is no time to wait because foreclosure is looming. I understand that the courts are split on whether the return of the money into the 401K pre-bk is improper transfer. Am I wrong?
The post was migrated from Yahoo.