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-   -   401k loan and pulling momey out of a 401k to pay the loan off (https://www.askmehelpdesk.com/showthread.php?t=110545)

  • Jul 16, 2007, 03:32 PM
    mmhudd
    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
  • Jul 22, 2007, 08:24 AM
    Fr_Chuck
    ?? 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.
  • Dec 26, 2008, 06:04 AM
    HollyB2020

    Who has info about my 401k

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