[JHODRIDGE]

I need to close out my 401k how do I go about doing that? I also have a loan I'm paying back weekly will I still have to pay on that?

[ebaines]

First, you should not post a new question onto an existing thread - start a new thread instead.

Call the plan administrator - same people you worked through when you got the loan. If you are an active employee (which I'm guessing you are since you have a loan outstanding) you may be precluded from making a withdrawal as in-service withdrawals are often not allowed except in cases of "hardship." Hardship is defined as:

1. Un-reimbursed medical expenses for you, your spouse, or dependents.
2. Purchase of an employee's principal residence.
3. Payment of college tuition and related educational fees and expense such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
4. Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
5. Funeral expenses
6. Repair of a primary residence.

Be aware that if you do close the account out, the amount of your outstanding loan will immediately convert from a loan to a withdrawal, and you will owe both income taxes and early withdrawal penalty on it. You'd be better off increasing the loan amount rather than making a withdrawal.

[ScottGem]

First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

As ebaines pointed out, closing your 401(k) is not a good idea. Why do you want to?