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Updated about 6 years ago on . Most recent reply

Rachan M.'s profile image
Rachan M.'s profile image
Rachan M.
  • Rental Property Investor
  • from Washington, DC
  • Member since Feb 24, 2017
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Rachan M.'s profile image
Rachan M.'s profile image
Rachan M.
  • Rental Property Investor
  • from Washington, DC
  • Member since Feb 24, 2017
Connect
Rachan M.
  • Rental Property Investor
  • Washington, DC
12
Votes |
73
Posts
Tax, SDIRAs & Cost Segregation

401k default + IRA loan shelter

Rachan M.
  • Rental Property Investor
  • Washington, DC
Posted

Good Morning you all,

I have a basic IRA question. I took a loan from my 401k in 2017 to buy a property. I got laid off from that job in 2018 and so the loan is now in default for $11,675. I am told that I'll save on penalty/taxes by putting money away into an IRA account, and that I'll have 60 days (today being 12/31) to make payments into it. Is this true?

Thanks so much, as always!

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