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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29655
Experience:  Taxes, Immigration, Labor Relations
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Insolvency form question: Liability: 401k loan amount. $20k Assets:

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Insolvency form question:
Liability: 401k loan amount. $20k
Assets: 401k full amount. Including 401k loan? (balance + amount of loan $20k)
Is this correct thinking?

Lev :

Hi and welcome to our site!
Yes - that is correct - the full amount of 401k plan is included into your assets and the loan balance outstanding you took from 401k plan is listed as your liability.


Excellent, thank you!

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