Have you checked with your 401(k) plan administrators? Generally you can't withdraw from your 401(k) while you're below "retirement age" (which can vary depending on the plan) and still employed.

And if you're no longer employed by the company, you have only a limited time to pay back your 401(k) loan before it is termed a distribution and is taxable and no longer eligible for payback.

You cannot stop payment as agreed on the current loan, as long as you are still employed. You can pay it full out of pocket, but not out of the plan. If you no longer work there, or retire, then the loan will become a distribution, subject to tax and penalty if it applies. If you are 59 1/2, and still employed many plans allow for "in service withdrawals", you can take money out but the loan portion will remain as is...

I am assuming that you are still working with this employer and that you are permitted (by the 401(k) Plan Document) to take an In Service Distribution from your 401(k).

With that being said, I have yet to hear of a 401(k) that allows its Participants to take their In Service Distribution and DIRECTLY pay down a 401(k) loan.

Of course, if you let the Distribution enter your bank account, then turn around and pay down your Loan using money from your bank account, they should not be able to cry "foul."

I am glad to see that you are paying back your 401(k) Loan as quickly as possible. Getting laid off for any reason with an outstanding loan due to your 401(k) is not something that most recently unemployed people want to have to deal with!

I am turning 70 and will like to withdraw money from my 401k is there any limits and how is it treated on my tax return for the year withdrawn?