posted
As far as we know he is only aloud to have one loan at a time, and he already has a loan out from 2 years ago when he took it out to get new windows in our house so he owns another 3 years on that loan which he pays on every two weeks directly from his checks.
What we wanted to do was completely close the 401K account, he will still pay off the loan with out a prob, we just wanted the remainder of the 401K for my TR.
posted
Is he only allowed to take out one loan on his 401k? We have about 3 loans on our. You are paying yourself back and with interest so it's not so bad. If you make an early withdrawl, you will be penalized and taxed pretty heavily. It's always a good idea to keep your 401k and just borrow from it, if you can. Good Luck
posted
all 401k's are different and the employer decides how many loans are allowed. Just thinking that maybe he is only allowed one loan. You're right to have your DH call and ask about it because no one will know how the employer set it all up. Good luck and hopefully he can take the rest of his money out without a problem.
posted
Not sure how your 401K works but I borrowed from mine with no problem at all. That is how I paid for my TR also. I did not have any penalties. I pay back the loan monthly. I do know that you can only have 1 loan at time. More than likely once he pays off his existing loan in full you can borrow some more money.
posted
Yea , We are more than willing to pay the Penaltys with out a problem at all, but like one of the ladies here said maybe because he already has an outstanding loan that is being paid off and is still working with the company they wont let him have the rest of his money, but that kind of makes no sense either because if they let him withdraw his money we would be able to pay off his outstanding loan and have the TR money left over.
My husband is going to call monday and see if he can talk to someone and find out what he can and can't do and the reasonings.
this is so hard and stressful on me because i have been on this journey for almost 3 years, and if we would have just started saving back then we would have probably had our TR already, so i am kicking myself in the butt with that to, but i am trying to hang on to our dream of getting this TR and having a baby with every thread of my being that i can.
Guess all i can do is wait until Monday and see what the 401K people say.
posted
That is how I paid for my TR back in 2002. I withdrew from my 401K with no problem. I paid the taxes and fees and got my money. Perhaps he cannot withdraw without penalty - but that is to be expected and is simply the way things work. It was worth every penny I forfeited! I have a 5 year old TR son and am pregnant with TR son #2 right now. :-)
It is YOUR money and they cannot keep you from getting it. Just know you pay the fees and taxes when you cash out part of it. Best of luck!!
posted
hmmm. He can close the account anytime he wants and get his money but maybe they won't let him because his loan isn't paid. Sorry I can't help. Good luck.
posted
Thanks for the Info.. See what we have done with his 401K is about 2 almost 3 years ago we took out a loan to get new windows put in our house so he has already gotten a loan out which he is paying back as of now, and will be paying of until he gets into a better job ( Which thee are none in ohio at all!! ), but what he wanted to do was just withdraw what he had left completely from his 401K and close it, he will be getting another job as soon as he can find one but we are just not sure how long that will take as he has already ben searching for almost 9 months now with no luck, he is a Linux/Unix System Admin. and there are just NO jobs here in ohio for his career field at all (.. so now we are in the process of looking outside of Ohio Including North Carolina To! LOL ... But yea anyways , what we wanted to do was just early withdraw what he has left in his 401K to pay for the TR and they wont let him, he is still paying on that old loan and will pay it off in probably 3 more years.
posted
Just talked to my sis who is the bookkeeper for a company. She said if your husband is still working for the company where his 401k is with he can get a loan IF the 401k is set up to allow loans (depends how the company set up the 401k). If he is not with them then he should be allowed to receive an early distribution.
posted
My sister once took out about $11,000 from her 401K and she is just paying it back every month. She was around 46 when she did this. We are both from Ohio as well.
I was just wondering if any of you ladies have been able to use your or your husbands 401K plan for funding your TR? and if so were you able to get an early withdraw before the age 59 1/2 ? .. It seems that my husband might not be able to get his because they sent him a letter back saying that he could not get a full lump sum from an early withdraw because he is not 59 1/2.... this is stressing me out so bad because we were counting on this for my TR funds. Please if anyone else has had an experience with this please let me know how you went about it or how you were able to get an early withdraw
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because i have been on this journey for almost 3 years, and if we would have just started saving back then we would have probably had our TR already, so i am kicking myself in the butt with that to, but i am trying to hang on to our dream of getting this TR and having a baby with every thread of my being that i can.![[Confused]](confused.gif)
![[Embarrassed]](redface.gif)
(.. so now we are in the process of looking outside of Ohio Including North Carolina To! LOL ... But yea anyways , what we wanted to do was just early withdraw what he has left in his 401K to pay for the TR and they wont let him, he is still paying on that old loan and will pay it off in probably 3 more years.
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