Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Interest deductable ? (https://www.askmehelpdesk.com/showthread.php?t=196275)

  • Mar 19, 2008, 07:50 AM
    alanzone
    Interest deductable ?
    If you were to Borrowed against the 401k can the interest on the loan be deductable ?
    Thanks again for all your help;)
  • Mar 19, 2008, 07:52 AM
    ScottGem
    Unfortunately that law was changed many years ago. On the other hand the interest you pay goes fully back into your account so you are, in effect, paying yourself.
  • Mar 19, 2008, 08:07 AM
    alanzone
    Am new to this forum, don't know how to post a response,
    THANK YOU SOOO MUCH FOR YOUR HELP!!
  • Mar 19, 2008, 08:07 AM
    alanzone
    I guess I did it right...
  • Mar 19, 2008, 08:33 AM
    ScottGem
    Yep you did.

    Investing in the annuity using a 401K loan would be a better way then taking the money out of the 401K.

    • All times are GMT -7. The time now is 03:03 PM.