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To: Bogie
Most plans provide for two options: payroll deductions or payment in full.

If you choose not to pay back a 401(k) loan, it converts to an early withdrawal, subject to income taxes at your bracket and a 10% early withdrawal penalty. If you leave your current employer, most plans convert the loan to an early withdrawal.

Heidi's plan was not a 401(k), but another tax-deferred retirement savings plan. The amount she borrowed was above the 401(k) limits. Probably similar rules though.

Bottom line: they borrowed their money from their tax-deferred personal account. Who does that make them slave to, exactly?

92 posted on 02/03/2016 2:24:59 PM PST by 5thGenTexan
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To: 5thGenTexan

Well, I was thinking about the Goldman Sacks loan for the campaign.


95 posted on 02/03/2016 2:36:47 PM PST by Bogie
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