- Joined
- Aug 10, 2009
- Messages
- 1,037
- Reaction score
- 219
does anyone know about 401k loans and default on payment? let's say your balance is 100k, and you take out 50k in loan. then u default on payment.
lets say your tax bracket is 25%, and the early withdrawal penalty is 10%.
does this mean your net amount that you get to keep in your pocket is 65k ? and since u already took out 50k in loan, they will simply send another 15k check to your mailbox?
lets say your tax bracket is 25%, and the early withdrawal penalty is 10%.
does this mean your net amount that you get to keep in your pocket is 65k ? and since u already took out 50k in loan, they will simply send another 15k check to your mailbox?