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New Member

401k Loan Repayment

I had a 401k loan.  At the time of my retirement (April 2019), the loan balance was about $20,000 with Thrift Savings Plan.  After I retired, I closed my Thrift Savings account and rolled it over to an IRA with Ameritrade.  Can I still repay the $20,000 to my Ameritrade account?  If so, how long do I have to repay?  Want to lower my 2019 tax burden.  

2 Replies
Employee Tax Expert

401k Loan Repayment

Employees who leave their jobs with an outstanding 401(k) loan have until the tax-return-filing due date for that tax year, including any extensions, to repay the outstanding balance of the loan, or to roll it over into another eligible retirement account. Prior to the Tax Cuts and Jobs Act of 2017, the deadline was 60 days.

This means you will have until the tax return due date this year to pay the loan back.  

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New Member

401k Loan Repayment

Thank you!  I was worried that since I had closed the TSP account that I would no longer be able to repay the loan.