I already asked the question if I take money out of my 401k to help my children payoff their student loans can I get a tax break?

massey1010 · ‎June 3, 2019

xmasbaby0 · ‎June 3, 2019

No, you cannot get a tax break for taking money out of your 401k to pay student loans. If you take money out of your 401k it will be taxable income to you. If you take it early, you will also incur a 10% penalty besides being taxed on it at your ordinary income tax rate.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 3, 2019

No, you cannot get a tax break for taking money out of your 401k to pay student loans. If you take money out of your 401k it will be taxable income to you. If you take it early, you will also incur a 10% penalty besides being taxed on it at your ordinary income tax rate.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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I already asked the question if I take money out of my 401k to help my children payoff their student loans can I get a tax break?