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Solo401k Loan at 55
Posted by Gerry A. on November 23, 2022 at 8:55 amI took out a loan against my SoloK nearly four years ago when I was 55 to start a restaurant. By the time it matures in December 2023 I will be 60 years old. Do I need to repay the loan since I will be older than 59.5 years old?
George Blower replied 1 year, 4 months ago 2 Members · 2 Posts -
1 Reply
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Gerry A.
November 23, 2022 at 8:55 amI took out a loan against my SoloK nearly four years ago when I was 55 to start a restaurant. By the time it matures in December 2023 I will be 60 years old. Do I need to repay the loan since I will be older than 59.5 years old?
Gerry A. -
George Blower
November 25, 2022 at 7:08 amA solo 401k loan must be paid back on a monthly/quarterly basis as specified in the loan payment schedule. If payments are not made and the loan goes into default, the outstanding balance of the loan must be reported as a taxable distribution.
The obligation to pay back a Solo 401k loan continues notwithstanding that the solo 401k owner is over 59.5 years of age.
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