Can I quit my job and get a 401K loan?

Answer by  ferfer72 (2623)

Yes. Make sure you have a plan to roll over your 401K in a responsible fashion. If you haven't already done it, you would be better off getting the loan first and then quitting.

Answer by  Nicole12 (30)

If you quit your job, you will no longer be able to take out a loan against your 401(k). If you really need the money, you can withdraw it early. It will count as regular taxable income and you will pay a 10 percent penalty for the early withdrawal.

Answer by  quietgg (292)

From what I understand of 401k is that any loan must be paid back entirely if you quit your job. So I do not see this as an opton. You could possibly take an early withdrawal however, but there will be taxes and penalties.

Answer by  Gunrunner (561)

No. If you have a 401k loan and lose or quit your job, the loan must be repaid in full, usually within 30 days. If you do not repay the loan it will be considered a withdrawal or distribution with the attendent fees and taxes due. There are some new hardship rules that might help you with this.

Answer by  Lillyb (19)

Typically, you must repay a 401k loan within 60 days of leaving your job. It's best to check with the plan before obtaining a loan.

Answer by  Anonymous

I was wondering if anyone had any ideas about solo 401k Can someone help? I was suggested to go to mysolo401k. I heard it's good.