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Asked 8/5/2009
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401 k plan I had a loan on my 401k and i defaulted on the payments while on sick leave and the loan was turned into a withdrawal on a 1099 in 2003 but my 401k is still showing the loan and charging interest. Is this how a 1099 withdrawal is to be handled |
Answer 1/1 - Submitted 8/26/2009
It is not interest you will have to pay.. but if you ever want another loan you would have to put back the defaulted amount, plus interest.. it would be paid to Yourself and be treated as after tax money..
SO yes.. it is correct -- you don't have to pay it unless you ever want another take another loan..
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