Guest nebmedman Posted June 22, 2001 Posted June 22, 2001 When borrowing from your 401k, does this "loan" appear on your credit reports? Thank You
Appleby Posted June 22, 2001 Posted June 22, 2001 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 Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
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