Hello everyone,
I am so confused and could use some assistance. I had a 401K balance of $58K but have an outstanding loan of 10K so the balance that shows up is now 48K. I've been paying it back and all that. I took it out to pay high interest credit cards. Anyway I have just resigned. Now I know I will have it taxed as income and all that plus a 10% penalty. My question is regarding the balance of the 401K. It is 48K correct? They won't reduce it by another 10K to "repay" the loan will they? It seems like a silly question but I'm not good at this.
Thank you.
