There are two ways to access funds: Way #1 to transfer money into the 401k is through rollovers. Way #2 is to make contributions. These are the tax deductible contributions that go into the 401k and you can only make contributions from your self-employment income. Please speak with your CPA or tax advisor on correct contribution calculations.

When referring to contributions, if you have payroll for your self-employment activity, a contribution can be made into the 401k. If you don’t do payroll and you’re going to be writing checks into the 401k for the contribution, take the amount that your CPA advises you can do with you net earnings from self-employment and write a check to your 401k for contribution.

If contributions are not possible, and if you don’t yet have self-employment income, then taking a loan from fiancé or friend is possible. You want to make sure that your fiancé and your friend are not anyone that is related to you. As soon as you and your fiancé get married, your fiancé becomes your spouse, and you are considered related.

Whether you’re taking the loan from your fiancé or from your friend, you need to make sure that you’re not providing a personal guarantee. Only the 401k trust is receiving the loan and there is no personal guarantee. This will make the loan non-recourse.
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