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Ok I currently have a loan out from my 401k for $4000. And

got $27000 in the account...
Ok I currently have a loan out from my 401k for $4000. And got $27000 in the account itself. How much will I get back after all the taxes are taken out of it? And will I have to claim it when I go to do my income tax? Will I have to pay more?
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8/3/2013
Shane-CPA
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience: Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
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Shane-CPA :

Hello...my name is XXXXX XXXXX I am a Certified Public Accountant. I look forward to assisting you with your tax question.

Shane-CPA :

A loan that is taken from your 401(k) is not a taxable distribution and therefore, there won't be any taxes due on the $4,000. If you default on the loan repayments then it will be considered a taxable distribution at that time.

Customer: Hello my name is XXXXX XXXXX
Shane-CPA :

Hello Joshua...I am happy to assist you. Can you see my response above?

Customer: Yea I seem it late.
Customer: Like I really want to take the money out so I can finish school and won't have to worry bout a job for a few months but just want to get a ball park figure on what I'm goin to get back
Shane-CPA :

I see...so you are talking about a full distribution of the $27,000 and the $4,000?

Customer: Yes
Customer: I'm still paying on the loan
Shane-CPA :

Okay...then you would be looking at a distribution of $31,000. This amount would be fully taxable and would also be subject to a 10% penalty. Therefore, you would net after taxes and penalty in the range of $25,000 (may be higher or lower depending on any tax deductions you may qualify for).

Customer: Ok thanks for your help I really appreciate it. Have a blessed night
Shane-CPA :

Thank you! You as well!

Shane-CPA
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience: Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
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Shane-CPA
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
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Experience: Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

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