401K Rollover Tax

The difference between a 401k and an IRA is that when people lose or leave their job they can roll over to their own retirement vehicle. Choose the best investment platform available with tips from…

The difference between a 401k and an IRA is that when people lose or leave their job they can roll over to their own retirement vehicle. Choose the best investment platform available with tips from…

Repaying a 401(k) loan usually requires making 60 equal monthly payments over a five-year time period, often in the form of payroll deductions. Repay a 401(k) loan to keep saving money with tips fr…

i have a 401k from previous job; i want to rollover to an IRA. However, i want to borrow some money from the 401K to buy a house. should i rollover then apply for the loan or should i apply for the loan while the money is still in the 401K account. thanks.

My company was recently acquired by another company. I currently have a loan against my 401k with a balance of $16,500.00. I have a one time opportunity to allow this loan to be cancelled.
This is the text of the information I received:
“I understand that if I do not make the election to roll-over on this form, my account balance under the (OLD COMPANY), Inc. Savings Plan will not transfer to the (NEW COMPANY) Affiliates Employee Savings Plan. In that case, unless I make arrangements with the RRI Savings Plan to pay-off the loan(s) balance within 90 days of the acquisition’s closing; my loan(s) will default creating a taxable event. The unpaid loan balance(s) will be reported to the IRS as current income and will become subject to taxes and applicable tax penalties if I am under age 59 1/2. I also understand that I will not have a later opportunity to rollover any outstanding loan balance(s) and that loan balances may only be rolled-over with the full remainder of my RRI Savings Plan account.”
I would like to take this opportunity to have this loan cleared because I have one child in college this year and my second child will start next year. Knowing that I will have 2 kids in college the next 3 years the $500.00 a month would be a HUGE help. My biggest concern is how it will impact my end of the year taxes next year. If I pay it off, I could have an extra $500.00 in taxes taken out each month to cover the bill at the end of the year. If it helps our annual family income (before taxes) is approximately $135,000.00. Any idea on how much the additional taxes would be on the $16,500.00???
Thanks for any help!

The difference between a 401k and an IRA is that when people lose or leave their job they can roll over to their own retirement vehicle. Choose the best investment platform available with tips from. . .

I believe the reason I can’t get a loan from prior job’s 401k is precisely that, it is from prior employer. Current employer doesn’t offer a 401k for me to rollover to. I am 100% vested and would really benefit from being able to get a loan from those funds to pay off some recent medical expenses. I thought about an individual 401k, but that’s for sole proprietors, etc., then rolling over the old 401k to that one so I can then get a loan. Is it possible to get an individual 401k if I am already employed somewhere? Anyone got any input?

I just got laid off and I have to pay back $14k into my company 401k in a month.
What are my options so I avoid the tax and penalties if I don’t pay on time? I heard I can rollover the difference into a rollover IRA. Is this true?

I have been recently laid off, I’d like to rollover my 401k to an IRA, I have a loan on my 401k that I’ve been paying on while I was employed. My question is do I need to pay that off before I roll it over, and if so and since I’m already 59 1/2, should I just default on it and pay taxes on it next year?
Thank you.

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