Serious post here Men...
My wife and i both changed jobs this year, my earlier in May and her just a few weeks ago.
We both had 401K loans out at the time of leaving the jobs.
We aren't able to pay the loan off IN FULL prior to the 90 days following leaving the job.
i accept we will have to pay taxes on the loan as if it were income, its a bit of a fukked up rule by the IRS, but its reality.
Is there ANY way to offset this? Its a fairly significant hit we are going to take..
My wife and i both changed jobs this year, my earlier in May and her just a few weeks ago.
We both had 401K loans out at the time of leaving the jobs.
We aren't able to pay the loan off IN FULL prior to the 90 days following leaving the job.
i accept we will have to pay taxes on the loan as if it were income, its a bit of a fukked up rule by the IRS, but its reality.
Is there ANY way to offset this? Its a fairly significant hit we are going to take..