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Reply to "Explain to me why it's a bad idea to borrow against your 401k?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][b]The IRS also limits personal loans to one every 5 years. So you cannot do this again until this loan is paid back, and then you have to wait until it's been 5 years. [/b]Which is why, as a PP mentioned, it's best to limit it to true emergencies unless you have another source of backup, like the family gold mine.[/quote] Are you sure about that? I know you have 5 years to pay it back but I've never heard about having to wait 5 years to withdraw again. Link please. [/quote] For what it's worth, my plan says: "If you had an outstanding loan or loans during the 12-month period ending the day before your new loan, you must reduce the loan limit by the highest outstanding loan balance during that period, less the outstanding balance on the day before the new loan is made, and a new loan when added to the outstanding balance of any existing loans cannot exceed this limit." So it looks like it resets every 12 month period.[/quote]
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