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Outstanding Balance of Participant's 401(k) Loan Was Not Deducted from a Death Benefit Paid to Me
BenefitsLink Message BoardsLink to more items from this source
Oct. 20, 2021

"My husband passed away earlier this year (March 2021). We owed $13,587.66 in 401(k) loans prior to his death. His 401(k) servicing company did NOT deduct the loan amount from the distribution into my Spousal Beneficiary IRA. In fact, *I* was the one who discovered the error, but did not notify the company. If they send us a 1099R, will I have to pay income tax AND an early withdrawal penalty on it?"

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