Podcast
Questions and Answers
What happens if someone does not take their first Required Minimum Distribution (RMD) for the year they turn 70½?
What happens if someone does not take their first Required Minimum Distribution (RMD) for the year they turn 70½?
What is the tax implication of repaying loans from a 401k?
What is the tax implication of repaying loans from a 401k?
What happens if an employee does not repay a loan taken from their workplace retirement plan within 60 days of leaving their job?
What happens if an employee does not repay a loan taken from their workplace retirement plan within 60 days of leaving their job?
How is a borrower in the 25% tax bracket affected when repaying a loan from a 401k?
How is a borrower in the 25% tax bracket affected when repaying a loan from a 401k?
Signup and view all the answers
What is the consequence of not repaying a loan from a workplace retirement plan within 60 days of leaving employment?
What is the consequence of not repaying a loan from a workplace retirement plan within 60 days of leaving employment?
Signup and view all the answers
How many RMDs must be taken in the year following the year an individual turns 70½?
How many RMDs must be taken in the year following the year an individual turns 70½?
Signup and view all the answers
What tax bracket example is given in the text to illustrate the impact of repaying a loan from a 401k?
What tax bracket example is given in the text to illustrate the impact of repaying a loan from a 401k?
Signup and view all the answers
If a borrower who took a loan from their workplace retirement plan is under 59 and a half years old and fails to repay it within the required timeframe, what penalty might they face?
If a borrower who took a loan from their workplace retirement plan is under 59 and a half years old and fails to repay it within the required timeframe, what penalty might they face?
Signup and view all the answers
What happens if a borrower leaves their job without repaying a loan taken from their workplace retirement plan?
What happens if a borrower leaves their job without repaying a loan taken from their workplace retirement plan?
Signup and view all the answers
'Double taxation' in the context of repaying loans from 401ks refers to what process?
'Double taxation' in the context of repaying loans from 401ks refers to what process?
Signup and view all the answers
