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Retirement tax questions
If the 401(k) plan permits a loan, the maximum loan allowed under the tax code is $50,000. To avoid the loan potentially being limited by the available 401(k) balance, the loan of $50,000 would be taken first, then a distribution of the other $70,000 would be taken probably as a hardship distribution if still working for the company.
‎July 17, 2019
11:14 AM