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Asked 2/7/2009
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I have aprox 50000 in 401 k with 25000 loan can i close the account paying off the loan? My by weekly payment is 350 if we go on strike do they take the loan payment out of my total or what? |
Answer 1/1 - Submitted 2/12/2009
Usually after 2 quarters (6 months) with no payments they will just consider the loan a distribution. If you go on strike, most likely you cannot close the account. You have to show as a terminated or non active employee to close the account. If that is the case, you can close the account withdrawing the remaining funds after the loan is minused, however you will be taxed on the whole amount, and the administrator will have to withhold the 20% tax. You will also have a 10% penalty on the entire amount if you are under 59 next tax season. Since this sounds like a union plan, you may want to check with the administrator as they often have special provisions for withdrawal if you have a period of no contributions.
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