I left my job in February of this year. My outstanding balance on my 401k loan is due at the end of this month. If I don't pay it back at the end of this month the company I have the 401k with will just use $10k from my balance to pay it off.
I understand that I have until the filing deadline (so April of next year) to pay off an outstanding 401K loan, is that correct? And if so, if the company uses the money from my balance to close out the loan, do I just add another $10K when I"m ready to pay it back, lets say in 6 months when I have the money? Does it matter if I rollover the money to another custodian?
Thanks!
