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401k laws How long does an employer have to deposit 401k dollars from you check into your 401k plan?...

401k My husband has a 401k plan at work but the employer doesn't match so it isn't growing...

401k Can a company or creditor legally place a lien or judgement against my 401k?

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Submitted 235 days ago...

nanadonna

New User (3)

401k

We borrowed against our 401K a few years ago and are making monthly payments back into the account. We would like to stop payments what do we need to do and what happens next?

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Answer 1 / 2 - Submitted 17 days ago...

davido84

Authority (191)

If you stop making payments on a 401k loan, then the loan will immediately be changed into an early distribution. At the end of the year that you stop making payments, you will owe a 10% penalty on the total amount of your loan, plus all ordinary income tax on the full amount of your loan.

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Answer 2 / 2 - Submitted 16 days ago...

darlemull

Authority (537)

If this is a payroll deducted loan , you Cannot ask your HR to stop the payments. Being it is monthly it sounds more like what used to be a "reserve" loan.. more like a line of credit..
It will default and tax and penalty will be due when you file the following year..
You will never be able to borrow from your plan again... unless the defaulted amount is put back into the plan....

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