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Can unemplyed people borrow from 401(k)?
I am currently unemplyed and CANNOT get a straight answer to the question whether I can borrow from my 401(k). Does anybody know the simple "yes" or "no" to that question? I'll worry about rules, etc. later. I need to start with the simple answer.
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No. In general you must be an employee to borrow from your 401(k). That's so your monthly repayment amount can be deducted from your paycheck. Obviously if you're unemployed there's no way to do that. However, you CAN take a distribution from your 401(k), although you would have to pay both income taxes and early withdrawal penalty (if you're under 55). |
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