How is it different to take a loan from your 401k versus cashing it out?
If I take what is called a loan from my 401k when do I pay the tax burden?
loan best answer:
Answer by Russ B
You don't have to. That's a difference between the loan and cashing it out. With the loan, all you have to do is pay it back, generally at an interest rate of prime plus 1 or 2.
loan
Sixth War Loan
Image by CT State Library
An unidentified woman holds a sign at a Sixth War Loan event. The two signs read ""Pearl Harbor Day Have You Bought Yor Bond"" and ""Congratulations AAF Supply Over the Top 107%.""
Date Created: 1944-11-20-12-16
Contributor: U.S. Army Air Corps
Source: Connecticut State Library, State Archives, PG 048
Format Medium: black-and-white photographs
Format Extent: 5 x 4 in.
Type: Image
Format: jpeg
Orignal From: How is it different to take a loan from your 401k versus cashing it out? and Sixth War Loan
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