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Ask Lane Your Own Question
Category: Finance
Satisfied Customers: 12683
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My dear...Happy New Year...Just to know how much I have in

Customer Question

Hi my dear...Happy New Year...Just to know how much I have in my 41k...And, How could I do a loan to my retirement plan ?
JA: Thanks. Same to you!
Customer: I not sure of the steps t do a loan to my retirement plan
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I'll do my own taxes
Submitted: 9 months ago.
Category: Finance
Expert:  Lane replied 9 months ago.



You retirement plan administrator will have a form (sometimes this can be done on the phone).


The loan (unless for a home purchase) has to be paid back within 5 years, otherwise it becomes a taxable distribution.


So unless you leave the job before paying it back OR don't GET it paid back, there is no taxable event here at all.


(Nothing to report on the taxes)


The only time there IS anything to report, is what you take an actual withdrawal/distribution.


Expert:  Lane replied 9 months ago.

Please let me know if you have ANY questions at all, before rating me

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.