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Old 04-10-2014, 05:41 PM
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401K Loan payments Pretax Help

Earlier in the year I had to take out a loan against my 401K. My Employer has been taking out the payments before I paid my taxes. This is causing me to have to pay the IRS all at once. What can I do about this?? I am really stuck with a huge payment right now. Thanks!



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Old 04-11-2014, 04:22 AM
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Originally Posted by [email protected] View Post
Earlier in the year I had to take out a loan against my 401K. My Employer has been taking out the payments before I paid my taxes. This is causing me to have to pay the IRS all at once. What can I do about this?? I am really stuck with a huge payment right now. Thanks!
The primary benefit of 401k loans is that the proceeds are not subject to taxes or the 10 percent penalty fee except in the event of default. the government does not require employers to provide 401k hardship withdrawals, so you must check with your plan administrator; deal between you and your ER



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