Here's what happens to your 401(k) loan if you are laid off investinyou (In partnership with acorns.)
for individuals who are financially impacted by the pandemic). The loan is tax-free and, unlike with most outright distributions, there is no early withdrawal penalty of 10% if you're under age 59½.
Unless you are able to come up with that amount and put it in a qualifying retirement account within a set amount of time, that distribution is taxable. And, if you are under age 55 when you leave the job, you'll pay a 10% early withdrawal penalty. plans.)
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