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You can only roll over money from a 401(k) once you've left that employer. So if you're referring to a plan with your current employer, you wouldn't be able to set up a self-directed IRA for that money.

I think it depends on the way the company 401K plan is set up and where the contributions come from. In my company the 401K plan includes contributions from profit sharing, matching contributions, and my contributions, and it allows me to withdraw a certain percentage each year. I found that this amount that can be withdrawn, can also be rolled over into an IRA which keeps it protected from taxes and allows me to invest it in the F4.

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