Is a 401(k) loan taxable income? Your remaining loan balance is considered to be a distribution if you leave your job while you have an outstanding 401(k) loan, unless you repay it. You can avoid taking the tax hit by rolling over the outstanding balance into an IRA or another eligible...
No matter when you take the money out, you’ll pay income tax on your profits. On top of Uncle Sam’s penalties, you have to worry about the insurance company’s too. They usually penalize you if you don’t hold on to the investment for a fixed number of years. This varies ...
Joe Udo
If I’m to retire at age 55 or earlier, I want to primarily fund my lifestyle with taxable funds so that tax-advantaged savings can be utilized after 59 1/2. Each year Imax out my 401k,my Roth IRA, Mrs. RBD’sspousal Roth IRA, and529 plansfor all three kids with my salary inco...