Looking for some advice, please. Last year I took out about $10,000.00 from my 401K. I recently (unexpectedly) left the company for a much higher paying job,
I either need to:
A. Pay off the loan before April 30th. I don’t have the money to do this so I guess I’d need to apply for a personal loan?
Or
B. Offset the loan and be prepared for a 1099-R. Curious as to what I’d owe at that time.
Lesson learned. Definitely won’t be doing this ever again.
Took out a loan on my 401K, and unexpectedly left the company
byu/hiitsme_sbtcwgb inpersonalfinance
Posted by hiitsme_sbtcwgb