Posted on: 24th Mar, 2010 08:10 am
Typically, how long does one have to pay back loans from their 403b accounts? I am considering doing this to pay off high interest credit card debt and have a substantial amount of time till retirement (about 25+ years). I already have in excess of $50,000 saved in my 403b so I am thinking this option makes sense for me.
Welcome jerseygrrl,
You will have to pay back the whole amount that you take as a loan from your 403b plan. If you are unable to pay it off, then the loan would be considered as an early distribution from the account. You will owe federal and state income taxes on that amount.
To know more about 403b loans, check out the given page:
http://www.mortgagefit.com/401k-403b-loans.html
You will have to pay back the whole amount that you take as a loan from your 403b plan. If you are unable to pay it off, then the loan would be considered as an early distribution from the account. You will owe federal and state income taxes on that amount.
To know more about 403b loans, check out the given page:
http://www.mortgagefit.com/401k-403b-loans.html