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Home > Money & Services > Retirement   »   401k loan and pulling momey out of a 401k to pay the loan off

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Old Jul 16, 2007, 03:32 PM
mmhudd
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401k loan and pulling momey out of a 401k to pay the loan off
I have just turned 591/2 and have a 5,000 dollar loan from my 401k......can I withdraw monies to pay this loan off.....and how much will I be taxed if I do?

Mickey Huddleston

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Old Jul 22, 2007, 08:24 AM   #2  
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???? you want to take money out of a 401K, to pay off a loan in the 401K ?? I must be missing something somewhere.....

You merely don't pay for the loan ( notify them) they view the loan as a distribution, you will pay your normal tax rate. 25 to 50 percent depending on your income and tax status.

Just give the Admin a call of your plan and let them know you want the loan changed to a withdraw. No need to take money out, to pay it off.
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Old Dec 26, 2008, 05:04 AM   #3  
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who has info about my 401k
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