Have a Finance Question? Ask a Financial Expert Online.
Thanks for your question, and thanks for using JustAnswer.com
If you leave your place of employment, the remaining balance of your 401(k) loan will be treated as a withdrawal and you will owe tax, and possibly penalties (if under 59.5) on the amount outstanding
So, yes - the $24,800 will be deducted from the $186,000
There are no IRA loans, so you will no longer have to make the loan payment, although you will pay tax on the amount drawn out
Do you have any further questions?
If not, please rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again for using JustAnswer.com and have a great day
For NY State, filing Single 1, what would that amount be (approximately - I will not hold you to it)
Joe, I see we were having technical difficulties with chat. If you would, please take a moment to review my response. If satisfied, please rate as "excellent" so that I may receive credit for assisting you today. If you need further assistance, please reply below. Thanks again.
As a Single 1, living in NYS, can you give me an approximation (I will not hold you to it) of what I would pay in income taxes? I will be 62 next January