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Updated over 7 years ago on . Most recent reply
Any other way to pay off 401k loan fast
I borrowed out of my 401k to start a business but it didn't pan out . Any suggestions? Thanks in advance
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Dmitriy Fomichenko
#1 New Member Introductions Contributor
Tax & Financial Services
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
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Dmitriy Fomichenko
#1 New Member Introductions Contributor
Tax & Financial Services
Pro Member
#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Pati, I'm sorry to hear about your business failure.
Personal loans from 401k must be typically paid over a period of 5 years so you have some time before it has to be paid off. However regular amortized payments must be made.
If you default the outstanding balance will be considered a distribution therefore taxes and penalties would apply. More info here:
- Dmitriy Fomichenko
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