nebmedman
Jun 22 2001, 05:47 PM
When borrowing from your 401k, does this "loan" appear on your credit reports?
Thank You
Appleby
Jun 22 2001, 06:11 PM
No it doesn't-
Reason- you are borrowing from yourself and if you default on the loan repayments- the outstanding loan balance and interest will be reported as taxable to you. You would then owe the IRS income tax on the amount