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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]No, the IRS does not limit 401k loans to one every 5 years. Unless that is a new regulation put in place in the last 12 months. OP, the main risk is if you lose your job. Then the sh*t hits the fan. I got laid off from my job of almost 9 years (so didn't expect to be amongst the departing) 2 years ago and had taken out a large loan from my 401k for home repairs which I had been repaying with no issue. But if you lose your job you have to pay it all back immediately or it's considered taxable income with additional penalties. In my case to the tune of a $30k federal tax liability. It's not been pretty. [/quote]
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