IRA Rollover

Archive for February, 2009

Question: 401k Rollover do I need to pay on my loan before I roll it over?

I have been recently laid off, I’d like to rollover my 401k to an IRA, I have a loan on my 401k that I’ve been paying on while I was employed. My question is do I need to pay that off before I roll it over, and if so and since I’m already 59 1/2, should I just default on it and pay taxes on it next year?
Thank you.

Answer: Yes, you need to pay off the loan before rolling into an IRA.
You can go onto the IRS website for your answer.
401K plan rules are on the site.
And the site is free to every person on the planet.
Good Luck

Look at all the scammers below my answer. Simply amazing.

Part 4 of Solo 401k vs. Self Directed IRA – UBIT exempt, Participant Loan, and Roth account