"borrowing" money from a 401(k) plan | Ed Slott and Company, LLC

"borrowing" money from a 401(k) plan

I read the article in this month's newsletter regarding the issue of "borrowing" from an IRA. In essence, it said "you can't borrow from an IRA". The article implied you can "borrow" funds from a 401(k). 1. How much money could the account owner "borrow" from a 401(k). 2. When would you need to pay the money back. 3. How does the plan agreement impact whether the owner can borrow and what it can be borrowed for. 4. Can the owner borrow money for financial hardship reasons? 5. Can the owner borrow money to buy a house? thanks kathy

The following link should provide information on 401k loan issues: http://www.401khelpcenter.com/loans.html
 

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