Ask Experts Questions for FREE Help !
Ask
    pierrepfran's Avatar
    pierrepfran Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 6, 2009, 11:09 AM
    401k taxes from a loan and bankrupcty
    Can you put the taxes from a 401k loan into a chapter 7 bankrupcty?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
     
    #2

    Jan 6, 2009, 11:40 AM

    Check this: "In simple language, unless secured, income taxes are not excepted from discharge, and consequently are dischargeable if:

    A return has been filed;
    If filed, assessment was not based on fraud;
    If filed late, the return was filed two years or more before the bankruptcy petition;
    The tax return, with extensions, was due three years or more before filing of the bankruptcy petition; and
    Tax liability was assessed more than 240 days before filing of the petition."
    Dischargeability of Income Tax Bankruptcy

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Loan vs. Home Equity Loan [ 3 Answers ]

I need $50,000 for a kitchen remodel. I can get a 401K loan 5 yr term 9.25 interest - total payments add up to 62,000 or so with a monthly payment of roughly $1,050. That payment is is tough on my current budget so I was considering a Home Equity Loan with a longer term. I know there are a...

401k loan and pulling momey out of a 401k to pay the loan off [ 2 Answers ]

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

Property taxes on a house you filed bankrupcty on [ 2 Answers ]

Filed bankruptcy 2 years ago just got a bill for 800.00 in back property taxes. Do we have to pay this or can it be put with the bankrupcty we haven't lived in this house for almost two years and don't have the 800.00 to pay this bill Thank you go army1

Early Withdraw - 401K Taxes Paid vs. Taxes Owe [ 7 Answers ]

Last year I took a early withdraw from my 401k last year after leaving my job. I had 30% withheld for Fed. Taxes. I am getting ready to have my taxes prepared. I have several questions. 1. Was 30% enough? Does 10% penalty still apply? 2. I live in the state of IL. Will I owe state taxes? ...

Taxes due on 401k loan [ 2 Answers ]

My Husband's 401k Loan Went Into Default How Can We Fiqure Out What The Federal Taxes Due On The Loan Will Be?


View more questions Search