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Asked 11/19/2008
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I borrowed from my 401k. Do I have to repay all of it? My wife and I took out $41,664 as a loan on my 401K. After taxes, we received $37,497 which we used strictly to pay off credit cards. This was about 40% of my entire 401k. Now there are "major" automatic deductions from my paycheck every week. It has been 1 year with 4 more years to go. We are finding it hard to make house payments, grocery shop... We have 3 kids and she works part time. Is there any way we can get out of paying the rest of the loan back and just write it off of my 401 k as a hardship? We are really struggling financially. Thanks for any help. |
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