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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 11855
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: 5 months ago.
Category: Finance
Expert:  Lane replied 5 months ago.

Hi.

...

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

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

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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.

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(Nothing to report on the taxes)

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

...

Expert:  Lane replied 5 months ago.

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

But if this has helped, and you don’t have other questions, I would appreciate a positive rating (using those stars on your screen – and clicking submit)

That’s the only way JustAnswer will compensate me for the work here.

Thanks,

Lane

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.