I will owe a lot of taxes and am considering the IRS loan instead of a 401k withdrawl. How do I do that while electronic filing?

rick13 · ‎June 5, 2019

SweetieJean · ‎June 5, 2019

Or do you mean IRA? Loans are not permitted from IRA plans.

DanO · ‎June 5, 2019

I am not aware of the IRS loaning funds.

You could set up an installment payment plan with the IRS through TurboTax.

If permitted, you could also take a loan from your 401(k) plan and pay back with interest to your account, and avoid any early withdrawal penalty and any federal and state taxes.

Click here for information from TurboTax FAQ for setting up a payment plan.

View solution in original post

I will owe a lot of taxes and am considering the IRS loan instead of a 401k withdrawl. How do I do that while electronic filing?

Retirement tax questions

Retirement tax questions