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Message
re: Borrowing from your 401K
Posted on 7/10/13 at 10:22 am to Duckman13
Posted on 7/10/13 at 10:22 am to Duckman13
quote:
Ok
To answer the question, the former company would most likely would have demanded payment in full shortly after his termination.
If he couldn't pay, they would take it out of his 401K. This would be treated as an early withdrawal by the IRS, so he would have to pay taxes and a 10% penalty.
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