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re: Borrowing from your 401K
Posted on 7/10/13 at 3:50 pm to LSUAfro
Posted on 7/10/13 at 3:50 pm to LSUAfro
Of course you wouldn't, I just find that the easiest way for someone to understand that the commonly used "401k double taxation" is a myth.
Bottom line: There are certainly negatives to 401k loans (the biggest being if you don't pay it back it becoming taxable plus possible penalty), but double taxation is not a negative for a 401k loan. Double taxation should not be a consideration in taking a 401k loan.
Bottom line: There are certainly negatives to 401k loans (the biggest being if you don't pay it back it becoming taxable plus possible penalty), but double taxation is not a negative for a 401k loan. Double taxation should not be a consideration in taking a 401k loan.
This post was edited on 7/10/13 at 4:17 pm
1
Posted on 7/10/13 at 7:05 pm to JPLSU1981
quote:
Of course you wouldn't, I just find that the easiest way for someone to understand that the commonly used "401k double taxation" is a myth.
Yeah I know that's why the "
". Your advice is spot on.
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