Hi - My husband and I had to default on our 401K loan of about $45,600. I'm figuring about 38 % for taxes? About $17,400?
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Hi - My husband and I had to default on our 401K loan of about $45,600. I'm figuring about 38 % for taxes? About $17,400?
If you default on the loan, it becomes considered an inservice withdrawal. So there will be a 10% penalty. The total defaulted balance will be added to your taxable income to determine the taxes you owe.
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