Can collateral on a loan be voluntarily turned in?
How can I find a good payday loan?
How can I obtain a personal loan for $50,000?
What happens when you can not re-pay pay day loans?
What happens when you do not pay a home equity loan?
What is the Oklahoma law concerning pay day loans?
Who is responsible for 401-k loans during a divorce?
I took a loan out on my 401k and have encountered some financial difficulties and can not repay it.
If you are unable to come up with the funds to pay the balance due on your 401K loan the IRS will consider it a distribution subject to income taxes and possibly penalties.
If you are unable to repay, it becomes an early distribution of your retirement plan subject to income taxes and early distribution penalties. If it is possible to repay any of it, it would be a good idea.
You will have to declare the income on your next tax return. You will receive a 1099 stating how much you borrowed and have to pay the tax.
Since this is your money the company will just reduce the amount you would have received when you eventually leave the company or sooner if that is their policy
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