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401(k) loans and household balance sheets.: An article from: National Tax Journal
Book (National Tax Association)
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Price: $9.95
401k loans FAQ
SCH and bettyboop dont have a clue. A loan against your 401K is still a loan that must be paid back and it IS calculated into your debt ratios. Now if you are cashing out a portion of your 401K then that is not a payment so it is not calculated into debt
Yes, it's still a debt for purposes of calculating your ability to repay a loan.
Typically you can "borrow" up to 50% of the balance of your 401(k) account. However, this is not recommended except as a last resort, for two main reasons:
1) Not only does the loan bear interest, which is a little nervy considering
It is just like a regular loan, my 401k does 8% interest. However that plus the interest goes back to the 401K plan, so basically the interest you pay comes back to you. At least that is how my 401k works. It comes out of my paycheck every week.
You will get taxed on the remaining balance based upon your personal tax rate PLUS you will get hit with a 10% penalty on that as well.
So, let's say you borrowed 10,000. You've paid back 1/2 of it and now you still owe $5,000. If you
401k loans news
IRA Financial Group Introduces Solo 401(k) Plan Business Funding Solution
Miami, FL (PRWEB) May 03, 2012
IRA Financial Group, the leading provider of self-directed solo 401K plans introduces the solo 401(k) Plan business funding solution. With IRA Financial Group’s solo 401K plan business funding solution, a self-employed individual or small business owner with no full-time employees can use up to $50,000 of their retirement funds to fund or finance a business tax-free. “The beauty of the solo 401(k) plan business funding solution is that a self-employed business owner can tap into his or her retirement funds to start or finance a business tax-free, “stated Adam Bergman, a tax attorney with the IRA Financial Group. “with the solo 401(k) plan business funding solution, the self-employed business owner would be paying back the solo 401(k) plan and not a bank thereby increasing the value of the plan at the same tome of gaining tax-free access to the retirement funds, “ stated Mr. Bergman.
Source: PR Web (press release)
10 money mistakes nearly everyone makes
How many of these mistakes have you made?
1. Paying much, earning little
Bad move: Paying 20% interest on a credit card while earning less than 1% on savings.
Better move: After ensuring you have an adequate cash cushion for emergencies, use low-earning savings to pay off high-interest debt. Exception: If there's any chance you'll lose your job, corral as much cash as possible.
Source: MSN Money
Increased Demand For Solo 401(k) Plans Leads to Strong First Quarter Results ...
IRA Financial Group sees 47% growth in revenues in first quarter 2012 due largely from high demand for self-directed solo 401(k) Plans
Miami, FL (PRWEB) April 20, 2012
IRA Financial Group, the leading provider of self-directed solo 401K Plans, announced strong first quarter results for 2012 largely due to high demand for the solo 401K Plan. IRA Financial Group saw 2012 first quarter revenues increase by 47% from the prior year. “More and more self-employed investors have been uncovering the huge benefits of the solo 401(k) Plan from a retirement and investment standpoint, “ stated Adam Bergman, a tax attorney with the IRA Financial Group.
Source: Virtual-Strategy Magazine
