I want to know if there are any tax ramification, just loan and once I pay if back through payroll deduction, is there a limit as to how many loans a year and how soon you can borrow after you pay back the loan. I don’t like having to do this, but things are really rough here. Please advise. Thanks.
What are the IRS guidelines?
Posts Tagged ‘loan’
I would iike to take a loan from my 401K, I have never done that before. ?
01
Jun
My friend had defaulted on a 401k loan, is there a way he can pay it back and not incur tax penalty?
31
May
My friend had defaulted on a 401k loan, is there a way he can pay it back and not incur tax penalty? He was supposed to have paid it by end of june, but didn’t so it is in default. Is there some time till the end of the year or something for him to pay it back.
He took out multiple loans one more than the maximum. So employer couldn’t take any more money from his paycheck. Hope that explains how he defaulted. Regarding whether he already defaulted, that’s what the 401k manager Fidelity tells him. But I wanted to find out if there is a grace period allowed by the IRS besides the standard answer given by Fidelity.
Can you take out money from your 401k account as a no interest loan to yourself and without tax penalty?
29
May
Can you take out money from your 401k account as a no interest loan for yourself and without tax penalty?
My friends mother is thinking about doing it – she says it’s taking out a loan against the 401k and her employer will be deducting pay from her check every pay period.
is there a 401k guru out there? what happened when i take a loan from my 401k?
19
May
i have to pay interest back on that money, were does the payments and interest go? do they go back in to my account?
how does it work?
i have fidelity as my 401k carrier
i have 2 loans…. it seem as if i am not eligable for another? is there any way around that?
does your IRA/401 (k) factor in on your mortgage loan approval?
18
May
I’m in the process of buying a new condo and in the paperwork they ask for credit history, pay stubs, job history, etc. (standard stuff)
At this time, I have great credit but have about 10K in Credit Card bills and nothing in savings. While I still think I’ll get approved, I was curious if they take in account what I have in my 401 (k)? I have $30K saved in there. Do they factor that in on an approval?
I took out a loan from 401k and the Irs wants to tax it even though fidelity says its not taxable help me?
08
May
fidelity says its none taxable because im paying it back and dont have anything to send me ive sent the irs all copies of my pay check to show im still paying on the loan yet they want leave me alone
Can I get a second loan from my 401k without a tax penalty ?
07
May
I already have a loan but have run into to some tough times and now Im faced with having to get another loan. I have been told that I may get a tax penalty for the second loan , is this true ?
do payments towards a 401k loan count against the contribution limit?
06
May
Example: I pay off a loan with a lump sum payment of $2,000. Can I still contribute $15,500 for the year, or now only $13,500?
I want to cancel my 401k with Fidelity! Can I cancel, even if I owe money on a loan?
12
Apr
I want to cancel my 401k to invest in real estate to get more passive income on a monthly basis. However, I have already taken out a loan, and now owe approx. $13,000 through my 401k. I had bought a property with my money, and now own it free and clear. It is making me more money per month than what I was making on it just sitting there while I was contributing 10% per month. I am not going to depend on my 401k anymore for retirement, as my business idea is making more sense. I want to cancel it, and take my money out. My account is with Fidelty. Can I cancel my Fidelity account, even if I have an outstanding loan balance of $13,000? I am 29 years old. I am aware of the penalties, but I’ll re-coop this in no time. Hope this make sense. Thank you
What are the tax effects of 401k loan repayment ?
04
Apr
If i take a loan from my 401K, would the repayment be deducted from my pre or post-tax income?
How do you rollover a 401k into an IRA if there is a loan against the 401k?
29
Mar
I just got laid off and I have to pay back $14k into my company 401k in a month.
What are my options so I avoid the tax and penalties if I don’t pay on time? I heard I can rollover the difference into a rollover IRA. Is this true?
401k rollover do I need to pay on my loan before I roll it over?
28
Mar
I have been recently laid off, I’d like to rollover my 401k to an IRA, I have a loan on my 401k that I’ve been paying on while I was employed. My question is do I need to pay that off before I roll it over, and if so and since I’m already 59 1/2, should I just default on it and pay taxes on it next year?
Thank you.
401K loan rollover and tax question?
18
Mar
I currently have a small 401K account with my employer totaling about $5K. I took out a loan of about $2200. I have heard that i can roll this over into an IRA and not have to pay it back. Is that true? Also i heard that there is a 10% tax in this, does that mean i will owe $220 on my taxes? Last what tax year would this be towards?
So i would have to pay an extra $220 on my taxes and say that i made an extra $2K. Thats not too bad right? I think i usually have gotten about $1500 to $2K back on my taxes.