February 9, 2021 6:48 AM
last updated February 09, 2021 6:48 AM
Paid 5 K two years ago & no worries. I look at it as a tax-free 5 K loan from the IRS. Is this why the IRS caps these "tax-free" loans at 1k?
February 9, 2021 11:18 PM
Thx for the reply.
I guess the key is to stay under 1K, and then you get a tax-free loan you pay back in full by the following Apr 15. If >1K, you still get the “loan” but paying back in full + interest.