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Question

I lost my job I have a 401(k) loan remaining balance what can I do ?

Forum|Forum|7 years ago
June 6, 2019
1 reply
4 views

Is my 41K money saved on my old company .

TurboTax Deluxe Online

Level 15

Talk to the 401K plan administrators to see what your options are however the you usually have 60 days to repay the loan in full and if you don't then the unpaid balance it is considered a distribution from the 401K and they will take the amount owed from the retirement account AND issue a 1099-R which is not only taxed at your ordinary tax rate but subject to a 10% penalty if you don't have an exception.