Welcome! | Ask A Question
Asked 3/23/2010
|
Does my loan repayment on 401k the same as contributing to my 401 I stopped contributing to my 401k because im paying back on a 401k loan thinking that paying back to myself is the same as contributing is that right |
Answer 1/4 - Submitted 3/23/2010
Answer 2/4 - Submitted 3/23/2010
Answer 3/4 - Submitted 3/23/2010
Loan repayment of a 401k is evil. You take taxed income
to pay off a non-taxed amount.
Then, when it's time to withdraw the money, you pay taxes
on it again.
Also, if you lose your job and cannot repay the loan, you just
created a taxable event. You'll have to declare the unpaid loan
as income for that year.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
Doing an audit of 401k. employee borrowed $3600 from his 401k. for repayment it was deducted from his paycheck each pay period. how is this replayment applied to the 401 so you can see the differenced between a normal 401 contribution and a repayment of loan?
The credit card company is taking 25% of disposable income, which i realize is allowable in nm. however, if i am able to deduct my 401k loan repayment from disposable income then i may have enough remaining to pay rent. my wages have been cut significantly during the last year due to our sluggish...
I took out a loan from my 401k a couple of years ago and last year the facility closed where i worked. i'm now unemployed. i decided to take out the remainder of my 401k. the question is will the company deduct the balance of my loan out of my 401k before sending me a check. it has been 30 days...
|
Doing an audit of 401k. employee borrowed $3600 from his 401k. for repayment it was deducted... |
|
The credit card company is taking 25% of disposable income, which i realize is allowable in... |
|
I took out a loan from my 401k a couple of years ago and last year the facility closed where... |
|
I have a loan for half of vested amount in 401 k. there is a good posibility that i will be... |
|
What are the rules for rolling a 401k? My wife, a part-time employee, has $3500 in a 401 k. the plan permitted contributions but... |
|
In 2006 i took out a loan on my 401k to start a business . but still working my full time... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.