Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2014, 05:41 PM
Junior Member
 
Join Date: Apr 2014
Posts: 1
401K Loan payments Pretax Help

Earlier in the year I had to take out a loan against my 401K. My Employer has been taking out the payments before I paid my taxes. This is causing me to have to pay the IRS all at once. What can I do about this?? I am really stuck with a huge payment right now. Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-11-2014, 04:22 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by [email protected] View Post
Earlier in the year I had to take out a loan against my 401K. My Employer has been taking out the payments before I paid my taxes. This is causing me to have to pay the IRS all at once. What can I do about this?? I am really stuck with a huge payment right now. Thanks!
The primary benefit of 401k loans is that the proceeds are not subject to taxes or the 10 percent penalty fee except in the event of default. the government does not require employers to provide 401k hardship withdrawals, so you must check with your plan administrator; deal between you and your ER



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Life Insurance Proceeds / Company Loan / Deductibility of Loan not repaid dcp76 Miscellaneous 0 03-13-2014 10:04 AM
solo 401k change to roth solo 401k meffoar IRA/Sep 1 02-19-2014 06:29 AM
401k b8a3r For 2013 1 01-29-2014 07:34 AM
401k and NJ SIT kkv1 New Jersey 2 01-08-2012 03:26 PM
401K help Please! daisy1950 IRA/Sep 5 01-30-2009 10:27 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.