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Retirement tax questions
If you took a loan, it is mandatory that you pay it back via payroll deduction, usually with a mandatory time frame of 5 or 10 years. If you leave service with a loan outstanding, you have 60 days to put the balance back into the 401k. If you miss the 60 day window, you have until the tax deadline of the next year to deposit the money in a IRA as a "rollover contribution".
If you took a withdrawal, you have 60 days to either put the money back into the 401k or put it into a different IRA, both of these are considered types of "rollovers."
‎December 15, 2023
12:19 PM