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Is loan repayment to my retirement account taxable?
Question by George: I borrowed over 10000.00 from my 403b retirement plan to pay daughters college tuition. I have been repaying it through payroll deductions. I no longer work for the same company. I have a balance of 9222.17. I was going to repay as much as possible before 12/31/2009 so I'm not taxed on a higher amount. Is the remaining balance reported as taxable income? Is it better to report it and just take the hit all at once or keep repaying with possible interest? How can I calulate to amount I will have to pay on the remaining balance?
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Answer --> Question 125308
Related topics:
Retirement account
Loan
Taxable income
401k |
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