I'm over 59 1/2 so no penalties are involved.
2007-05-22 02:09:36 · 3 answers · asked by jimwinn1947 1 in Business & Finance ➔ Taxes ➔ United States
You can borrow money from your 401K and repay it back within 18 months, but withdrawals from a 401K have to be repaid within 60 days. 401K loans have to be repaid within 5 years. I have included links to repaying 401K withdrawals and 401K loans.
2007-05-22 02:30:03 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A loan against a 401K has an 18 month window; if you withdraw from it you have a 60 day window to roll the money into an IRA or retirement account. Make sure the necessary paperwork is filled out so all bases are touched.
2007-05-22 11:03:29 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
Not if you did a withdrawal - once you pass the 60 day deadline for rolling in into a rollover IRA, it's too late. If you had taken a loan from your 401K, you could have repaid it.
2007-05-22 09:50:27 · answer #3 · answered by Judy 7 · 0⤊ 0⤋