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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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is it possible to borrow against my 401k to pay off all my

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is it possible to borrow against my 401k to pay off all my credit cards without having to pay a tax penealty ?

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.

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