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re: Borrowing money from 401k...how does this work usually?
Posted on 2/23/16 at 7:51 pm to TheCaterpillar
Posted on 2/23/16 at 7:51 pm to TheCaterpillar
If this is an "investment" and not your primary residence you going to be looking at 15-25% down not 3.5%
Also is your 401k pretax or Roth?
If its pretax your withdrawal is going to be taxed heavily.
My tax guy was telling me one of his clients pulled out 100k to build a pool and a pool house. When tax time came he owed Uncle Sam 30k
Also is your 401k pretax or Roth?
If its pretax your withdrawal is going to be taxed heavily.
My tax guy was telling me one of his clients pulled out 100k to build a pool and a pool house. When tax time came he owed Uncle Sam 30k
1
Posted on 2/23/16 at 7:54 pm to AUtigR24
As far as your plan goes if you take 5k for instance and only have paid back 2 or 3k before you leave for another job the remainder is usually added to your taxable income for that year.
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