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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi Blue,
It does not look like the repayment of 403b loan and the taxes paid on it will be considered as undue hardship. A 403b plan is a tax-deferred plan meant for your retirement. You are not supposed to withdraw money from your 403b. In case, you have to withdraw money from your 403b, you will have to repay it. I don't think the repayment of the 403b will be considered as 'undue hardship'. |
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MikeDude
Guest
0.10 Dollars($)
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Post subject: 403B loan |
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What are the consequences of defaulting on my 403B plan? I took a 30K loan and have repaid approx. 5K. With the economy as it is the 1,741.74 qtrly.
payment is killing me. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi Mike,
If you take out a 403b loan, you will not be able to participate in your plan till the time you repay the loan. In case you cannot pay off the loan, you will have to pay income tax and pay a penalty of 10% for the early withdrawal. |
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Jason11
Guest
0.10 Dollars($)
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Post subject: 403b |
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| Can you borrow from funds in 403b account after you have left employer? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi,
You can borrow from your 403b program even if you have left your employer. You can have access to your 403b account by putting your money in your new employer's 403b program. You money in the 403b account can be rolled into your IRA accounts as well. You can also leave the money where it is. However, if your balance is below $5k, your employer may ask you to move the money. |
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ssamba
Guest
0.10 Dollars($)
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Post subject: 403b tax and penalty |
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| Can i pay the tax and penalty on a default 403b loan separate from regular w2 taxes. |
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neil nurisso
Guest
0.10 Dollars($)
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Post subject: 403 b loan repayment |
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| here is one for you. my wife is 591/2 we rolled her annunity over into another one. we had a loan for 20 grand. we paid the loan off plus taxes so we would be free and clear. do we have to declare this as income |
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SHARON C.
Guest
0.10 Dollars($)
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Post subject: LOAN FROM 403B |
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| IF AND WHEN I TAKE A LOAN FROM MY 403B RETIREMENT ACCOUNT, AM I STILL ABLE TO CONTRIBUTE TO THE 403B ACCOUNT....STILL EMPLOYED FULL TIME....EVERYTHING ELSE REMAINING THE SAME? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi SHAARON,
If you take a loan against your 403b retirement account, you are likely to be prohibited from participating in the plan till the time you repay the loan in full. In case, your employer matches the contributions made by you, it is likely to stop as well. So, the sooner you pay off the loan in full, the better it is. |
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dyanne
Guest
0.10 Dollars($)
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Post subject: 403b |
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i want to close my 403b because i need money, iam a single mom, i work
for the school system. what must i do.thank again dyanne |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi dyanne,
If you are under the age of 59 and 1/2 and you close your 403b account, you will have to pay regular income tax on the amount of money you take out. Apart from the income tax, you will also have to pay penalty of 10%. So, all together you will end up losing more than 40% of the money if you withdraw early and close your 403b account. So, it's not a very good idea to close your 403b account before you turn 59 and 1/2 years. If you need money, try and borrow it from any of your relatives or if possible, get a personal loan. Closing your 403b account should be your last option.
Thanks,
Jerry |
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lorri
Guest
0.10 Dollars($)
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Post subject: hardship withdrawal |
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| i have been on unemployment and time is running out with no job prospects. i also am in need of a car since the bus doesn't run my way. i have a 403b from an old job and i was wondering if i could withdraw some of it to help me out. I have tried to deal with TIAA-CREF before and all they do is give me the run-around with answers etc. thank you, lorri |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi lorri,
You can withdraw some money from your 403b account. But if you withdraw money from it before you turn 59 and 1/2, you will be subject to income tax plus a 10% penalty. Thus, you will lose some amount of money for this early withdrawal. So, you should not withdraw money from your 403b account unless you are in desperate need for the money. |
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lina
Guest
0.10 Dollars($)
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Post subject: need loan |
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| hi.., could u halpe me with take personal loan around 150,000$..... |
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Billy
Guest
0.10 Dollars($)
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Post subject: 403b loan from open account, but previous employer |
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Hello,
I was wondering if it is possible to take a home down payment loan from a open 403b account from a previous employer? Any concerns? |
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