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richie rich
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0.10 Dollars($)
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Post subject: 401k closing |
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| if i already have an outstanding loand on my 401k, can i still close my account minus penalties or does the loan have to paid off first |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Post subject: |
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Hi richie.
The loan needs to be paid first. BTW why do you want to close the account. Why do you want to close the Retirement Account? |
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s.biggs
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0.10 Dollars($)
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Post subject: 403b loan penalty |
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| A coworker defalted on a 403b loan and the amount of the loan was reported as income to the IRS. The company will no longer accept payments and tell her she has to pay the loan back in full and she will still have to pay the 10% penalty along with the income tax. Is this correct? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: |
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Hi s.biggs,
When a person defaults on a 403b loan, the unpaid debt is considered as an early distribution and hence one has to pay taxes and penalty if he's under 59 and 1/2 years of age.
Take Care |
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jwatersjones@comcast.net
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0.10 Dollars($)
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Post subject: retirement |
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a friend of mine is getting ready to retire soon. He is over 59 and 1/2 years old. 403b totals around 160,000. wants to borrow against the account around 30,000 to pay off bills. Any suggestions on how he could invest his money to make it last as long as possible and live off some of the interest...
thanks for blog |
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Ryan
Guest
0.10 Dollars($)
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Post subject: |
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| You mean you'd like to invest from your 403b plan account after paying off the bills? You can invest in real estate or mutual funds. But I suppose you should talk to a financial advisor in this regard. |
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sue
Guest
0.10 Dollars($)
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Post subject: 403B |
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| i am 60, still working. i am afraid of the money market. I want to get mu 403B out and pay bills. What kind of penalty will I face? And do I have to pay it back? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi Sue!
As far as I know, you can take loans on 403B. However, you will be charged interest on that. Failure to pay it will lead to penalty as well.
Thanks,
Jerry |
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leelamma alexander
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0.10 Dollars($)
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Post subject: loan |
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| Iwould take a loan from 403(b)plan |
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Jack Higdon
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0.10 Dollars($)
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Post subject: IRA - 403b |
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| Can you contribute to bot an IRA and 403b during the same ...for the same year? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi Jack!
Yes, you can contribute to the both simultaneously. You can deduct the IRA contribution or not will depend on a variety of factors. However, if you can contribute to the Roth IRA will depend on your income.
Thanks,
Jerry |
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joann johnson
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Post subject: help need a loan now |
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| can I just requesting a loan from my 401k plan as soon as possible? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Yes, you can definitely take a loan on your 401K loan. But there are certain criteria attached to it. Go through to the above link to know more about it.
Thanks,
Jerry |
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j
Guest
0.10 Dollars($)
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Post subject: retirement loan |
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| can i borrow maney against my strs retirement account. i am desperate for cash and i don't want to resign my position to gain the cash |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi j!
Normally you cannot borrow from you retirement account when you are working and I don't think you can consider this as a collateral. You can check the following link for a discussion on the strs retirement account.
http://www.mortgagefit.com/401k-403b-loans.html
Hope this helps you.
Thanks. |
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