Financial Planning
March 13th 2019

Does the Change for 401(k) Loans Affect Me?

On February 22, we answered a NJMoneyHelp question regarding how 401(k) loan rules have changed. This resulted in a follow-up question, which we are answering here.

A reader of Ask NJ Money Help asked:

Does the change for paying back 401(k) loans apply to me as I left my job in January 2019? If so, how long would I have to pay it off? I was told it defaulted and was being reported to the IRS as a distribution and no taxes were withheld. I received my 1099R last month. My 401(k) is still in the company.

– Worried

The answer is yes, there were changes to when 401(k) loans must be repaid, but it’s all based on dates.

Read the full article here on NJMoneyHelp.com.

This was a follow-up question to a response we gave to a reader on February 22, 2019. Read the original question here: Have Rules for 401(k) Loans Changed?

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