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Do you have to pay taxes on a loan from your retirement plan or just the 10% penalty if under the age of 59 1/2
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June 4, 2019
1:36 PM
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Retirement tax questions
If you took a loan and are in repayment, you would not pay anything (no penalty and no addition to your taxable income). If you took a distribution, that amount would be considered income and if you are under 59.5 years old, the 10% penalty would be assessed.
June 4, 2019
1:36 PM