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    alanzone's Avatar
    alanzone Posts: 5, Reputation: 1
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    #1

    Mar 19, 2008, 07:50 AM
    Interest deductable ?
    If you were to Borrowed against the 401k can the interest on the loan be deductable ?
    Thanks again for all your help;)
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 19, 2008, 07:52 AM
    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.
    alanzone's Avatar
    alanzone Posts: 5, Reputation: 1
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    #3

    Mar 19, 2008, 08:07 AM
    Am new to this forum, don't know how to post a response,
    THANK YOU SOOO MUCH FOR YOUR HELP!!
    alanzone's Avatar
    alanzone Posts: 5, Reputation: 1
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    #4

    Mar 19, 2008, 08:07 AM
    I guess I did it right...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Mar 19, 2008, 08:33 AM
    Yep you did.

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