401k Plan Loans

Loan Forms

feeds@yuku.com (CB) — Mon, 30 Nov 2009 08:44:17 GMT

I need to prepare two amortization schedules for loans within a 401(k) plan, based on repayments made bi-weekly. Can you refer me to a site where this can be done and printed out with my inputted info? I have looked online, but have only found bank sites that allow a monthly mortgage-type repayment. I would like to give the loan amount, interest rate and dates to begin repaying, then get a schedule to follow. I also need to prepare the agreement forms for the participant signature, so I...

401k default

feeds@yuku.com (kendra) — Thu, 19 Nov 2009 10:02:11 GMT

I just got let go from my job I have a 401k loan of 3.075.97 and I can't pay it in full what will my taxes be on this loan at the end of the year?

Mortgage held in a 401K

feeds@yuku.com (garc366) — Tue, 17 Nov 2009 08:02:02 GMT

Has anyone every heard of a 401k holding a mortgage note? Does the trustee/sponsor own the loan as an asset or does the participant?

Thanks,
Abe.

Cashing out with an outstanding loan.

feeds@yuku.com (borrelli) — Thu, 29 Oct 2009 16:49:38 GMT

I have a quick question that hopefully someone can answer. For reasons I wont go into here, I'm going to need to cash out my 401k. I have taken a loan out two years ago which went into default, then was reported as part of my income, and the taxes were paid. Can I cash out my remaining 401k balance, minus the 10% penalty, or would the defaulted loan be deducted first, then I receive the remaining balance? Thank you

401k loan after a default

feeds@yuku.com (getsitdone) — Sun, 18 Oct 2009 06:58:47 GMT

I had to default on my load due to long lay off. Back to work now but bills are behind. Can i take another loan on my 401k after i have defaulted on a previous one?

Implications of defaulting on a 401k loan upon retirement

feeds@yuku.com (Diver d) — Wed, 14 Oct 2009 09:39:53 GMT

If I owe $20k on my 401k loan and don't repay it when I retire in early 2010. Will that $20k be added to my income for the year such that it could have an impact on my social security benefit?

Repayment of 401K -- laid off and reemployment

feeds@yuku.com (401kclueless) — Sat, 26 Sep 2009 09:31:57 GMT

I took out a loan on my 401K and had plans to repay it immediately -- then I was laid off a day before I was planning to do it.

I have contacted the plan administrator who said that repayment is not an issue, that I would could either repay it in full now or wait -- they said I had a few months to do so. (My unemployment checks were just not enough to cover it...)

Now, I have a new job starting next week, come to find out that their 401K is through the same company....

Interest on 401(k) loans

feeds@yuku.com (sully) — Tue, 22 Sep 2009 07:14:12 GMT

When I make payments for my 401(k) loan I am paying back the loan with after tax dollars. Does the interest payment create basis in the 401(k) because I have already paid tax on the interest amount but not the principle payment?

loan repayment

feeds@yuku.com (rgolato) — Wed, 02 Sep 2009 15:11:45 GMT

How do I find out how much I owe on my loan ? I need to know so I can make payment by Sept. 30.

can I be taxed more than once on defaulted 401K loans?

feeds@yuku.com (pepperlou) — Mon, 31 Aug 2009 08:08:00 GMT

After leaving my job in 2006 I had to cash out my 401K and default on 2 existing loans. I paid dearly for that in taxes and penalties as I knew I would. I went back to the same company six months later and sadly, was just laid off due to staff reduction. If I were to decide to cash out my 401K, would/could I be taxed on those 2 same loans again if I don't repay them? I'm hoping the answer is no as we desperately need the money, but...

401k Loan - Company Shut Down

feeds@yuku.com (kibbles) — Sat, 29 Aug 2009 06:31:16 GMT

I took out a 401k loan in 2007 to fund my company (I was the owner). My company went out of business in 2008. What happens now? Can I continue to repay the loan?

loan payback @ termination

feeds@yuku.com (2soon) — Thu, 27 Aug 2009 02:38:30 GMT

I've heard stories of people with outstanding loans who were laid off and the penalty on early withdrawal was waived but regular taxes applied.
A check with the proceeds of my loan was in my mailbox the day I got laid off. Will I be contacted by someone with instructions on payback or do I have to contact the plan administrator? The money is sitting in the bank right now. Can I remit a check for some of the loan and take a hit on the taxes/penalty for the balance?

401k rollover explained

feeds@yuku.com (rodkajuar) — Sat, 22 Aug 2009 02:41:53 GMT

Let start with this article

A 401k rollover refers to moving a 401k plan from a former or current employer into either an IRA or another qualified plan. IRA stands for "individual retirement account" and has similar rules to the 401k. 401k investment information for 401k rollover plans. 401K Rollover or the Direct Rollover is how you continue to benefit from the tax-deferred growth of earnings being provided by your current 401K plan. 401k, fidelity 401k, fidelity...

help

feeds@yuku.com (mpeavle) — Wed, 05 Aug 2009 08:44:49 GMT

My husband took out a 401K loan with his employer. It normally comes out of his paycheck but lately they haven't been taking it out and we really didn't notice. Now they are saying that we have to pay it back. It's around $1400. We don't have it. If we don't pay it in a few days they are going to cancel the loan (about $5000 worth) (or whatever you call it). I believe it means that it will count as extra income and can mess up our taxes next year (we might have to pay...

401k loan default?

feeds@yuku.com (confused55) — Tue, 21 Jul 2009 19:24:35 GMT

Received a call today from employer HR office that I am in default on my employer 401k loan. I was extremely surprised as I have automatic payroll deductions made from my paycheck. What happened is that I work commission sales. Some weeks I did not make enough to have my deducation taken from my paycheck. However, I was never informed that this was an issue as long as I remained an employee. Well apparently I have 25 missed payments. The issue is that this is the first call or...

Inheritance and the 401K

feeds@yuku.com (lwest) — Fri, 10 Jul 2009 14:44:07 GMT

I've tried to locate information on the penalty and distribution of a 401K through a Trust, but I'm unable to find anything.
Can you give me some information or place to look for this?
What is the benefits of rolling a 401K to an IRA?
Can you rolling the Trust 401K to your own 401K?

How to default on a 401K loan which the payment automatically comes out of your paycheck?

feeds@yuku.com (red) — Tue, 09 Jun 2009 06:02:51 GMT

How would I go about defaulting on a 401K loan which the payment automatically comes out of my paycheck. My paycheck is barely anything since I have the loans coming out of it to pay of my 401K. If I can't find a way out of this, I am going to loose my house. I'm already 2 months behind on my mortgage. They are taking almost $500 a week out of my paycheck, leaving me with hardly anything to pay bills.

401k loan

feeds@yuku.com (mike 11100) — Thu, 04 Jun 2009 17:15:27 GMT

if i have a 401k loan then go on temporary workmans comp and my loan payments arent deducted will they be treated as a withdrawl thanks

what does deemed to take a distribution

feeds@yuku.com (jimjasmom) — Thu, 14 May 2009 14:21:35 GMT

Myself and about 600 other employees have been layed off perminiately. If I currently have a hardship and or a loan from my 401...what does off set and deemed to take a distribution mean? and it states I'm deemed to income taxes due to early withdrawal....does this effect my severance...Please help to explain Thank you

Defaulting on 401k laon while still employed

feeds@yuku.com (jmhlmh) — Fri, 01 May 2009 04:05:03 GMT

I took out a 401K loan to payoff other high interest debts (5 year pay back period). Since I am still approx 15-20 year from retirement I did not see this as wrong espeecially because at the that time my 401k was taking a beating. If I lost my job I had anticipated on defaulting on the loan. I have now had my pay cut 20% which is something I had NOT anticipated. Unfortunately making the mandatory payments on the 401K loan is now causing finacial hardship for me affecting my ability to...