Quote:
Originally Posted by Bizzymammabee  You get nailed if you take a hard amount out. You can also opt to pay that tax at the time you take the money so it's taken immediately.
I have taken money as a loan and repaid. Never the hard disbursement. |
you have to pay taxes on that money you take out, it's considered income... my husband company only paid the IRS a percentage of the taxes, i got nailed this year with 8,000.. to pay back, plus 130.00 per month with penities and interest... i will never borrow from his 401 K again..... so i just got into more dept. than i wanted too.... his company told him the taxes will be taken care of... YA RIGHT !!!!!!! i wish i knew that then...