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Community Mentor

Ask Jessica

Planning for a Loan from 401(k)/403(b) Retirement Account

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Message

Guest

Post subject:

You may do so in order to payback your 403b loan but that won't be of much help.

help-anonymous

Guest

0.10 Dollars($)

Post subject: ERISA Tax Sheltered 403B Annuity

I took out loans from a 403B, somehow when moving records got lost, never heard from them again till I remembered it, called the company. My surrender Value is $30,890.56, Accumulation Value $11,987.97. The loans were for $3,000, 2,000 and 2,900. They are now up to $18,935.91. I cannot afford to pay a tax person. Can the amount I owe be taken out of the $30,890.56? I will probably owe taxes on the entire amount. I cannot afford to pay the $18,935.91 and i don't know what the taxes would be on it. I make approximately $35,000 a year. Help

help-anonymousse

Guest

0.10 Dollars($)

Post subject:

I guess I am screwed then. I figure I might be able to pay myself back, I am almost 64 so I can file for my benefit from that and use what I get to make arrangements for the monthly payment. Or... since my health is crappy (open heart surgery, pacemaker) i can ignore it and hope for the inevitable.

Guest

Post subject:

You may file for the benefits. However whether or not your requests will be accepted will depend upon the company.

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Highlights

• Mortgage Planner
• Simple Budgeting Tool

Helpful References
• 34 Tax tips boost your savings
• 12 financial ways for Seniors
• Budgeting Lesson 1
• 401k/403b Retirement Loan

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• Calculate Retirement savings
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