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is it possible to borrow against my 401k to pay off all my

is it possible to borrow...
is it possible to borrow against my 401k to pay off all my credit cards without having to pay a tax penealty ?
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Answered in 6 minutes by:
10/1/2009
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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DearCustomer-

If your plan allows for loans, the distribution will not be taxable. You are allowed to borrow up to the lesser of $50,000 or 50% your account balance. Any amounts borrowed must be paid back within 5 years.

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
2,342 Satisfied Customers
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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