S
Suzack
Guest
What is the name of your state? IL
I borrowed money from my 401K and have been paying it back via a loan - as per my companies method. However, I am about to go through chapter 13 and the judge is going to force me to stop paying back the loan. Does the fact that I am being forced to stop the payments mitigate any of my tax liablility for early withdrawal from 401K. I have been told I will need to pay income tax and 10% for the early withdrawal. I would like to keep paying the loan back but I have been told the Chapter 13 will force me to stop. Thank you in advance.
I borrowed money from my 401K and have been paying it back via a loan - as per my companies method. However, I am about to go through chapter 13 and the judge is going to force me to stop paying back the loan. Does the fact that I am being forced to stop the payments mitigate any of my tax liablility for early withdrawal from 401K. I have been told I will need to pay income tax and 10% for the early withdrawal. I would like to keep paying the loan back but I have been told the Chapter 13 will force me to stop. Thank you in advance.