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Paging Poodlebrain or qualified advice (401k loan repayment)
Posted on 3/6/15 at 7:04 pm
Posted on 3/6/15 at 7:04 pm
If someone owned their own business and contributed into a traditional 401k to themselves as an employee and matched it as an employer. If they took out a loan against the 401k, since this money is pre-taxed would they have to pay taxes on repayment of the loan? Or would they just pay it back pre-tax since it eventually be taxed upon distribution in retirement?
Posted on 3/7/15 at 12:25 am to TigerSaint1
Not an expert, but I don't think you would pay taxes on repayment of the loan. You will incur a fee for service (menial) and should you for some reason leave/shut down the business; you must repay remaining balance. Other than that if say you might be good from a tax avoidance perspective. Disclaimer- I'm not a tax accountant.
Posted on 3/7/15 at 8:52 am to TigerSaint1
The loan proceeds are not taxed. The repayments are made with after-tax dollars.
Posted on 3/8/15 at 4:34 pm to TigerSaint1
quote:
Paging Poodlebrain
Is there another poster that brings higher quality posts than this guy?
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