Yes, a 401k loan does count against your debt-to-income ratio (DTI) because it is considered a debt that you are obligated to repay. This can impact your ability to qualify for other loans or credit.
Yes, a 401k loan typically counts as debt in your debt-to-income ratio calculation.
Yes, 401k loans do count against the debt-to-income ratio (DTI) because they are considered a form of debt that must be repaid. This can impact a person's ability to qualify for additional loans or credit.
Yes, a 401k loan typically counts against the debt-to-income ratio for a conventional loan because it is considered a liability that affects your ability to repay the loan.
No, 401k loans do not count as income because they are considered loans that need to be repaid rather than income that is earned.
Yes, a 401k loan does count as debt because it is money borrowed from your retirement savings that needs to be repaid with interest.
Yes, a 401k loan typically counts as debt in your debt-to-income ratio calculation.
Yes, 401k loans do count against the debt-to-income ratio (DTI) because they are considered a form of debt that must be repaid. This can impact a person's ability to qualify for additional loans or credit.
Yes, a 401k loan typically counts against the debt-to-income ratio for a conventional loan because it is considered a liability that affects your ability to repay the loan.
No, 401k loans do not count as income because they are considered loans that need to be repaid rather than income that is earned.
Yes, a 401k loan does count as debt because it is money borrowed from your retirement savings that needs to be repaid with interest.
Yes
No, contributions to a 401k do not count as earned income when you retire at age 62, as they are considered pre-tax deductions from your paycheck. When you retire and start withdrawing from your 401k, those withdrawals may be taxed as income.
No, a 401(k) loan does not count as income because it is a loan that you must pay back, not money that you have earned.
I am 65. My full Social Security retiredment age is 66. I wnat to draw social security but am concerned that if I take SS payments and draw from my 401K that i will exceed the $14,000 + cap on annual wages. Arel draws from my 401K counted against the 14K cap ??
Yes you can but you will have to pay a 10% penalty on early withdraw of your 401k if you are under 59 1/2 and they will automatically take out a minimum of 20% Federal taxes (or more). But since that is money you have already earned it does not count against your unemployment benefits. If you have money in savings it does not count against you being able to collect UI either.
Precious...you saw my last answer I should think....better read it again.What he told you is correct...and your 401k is still there and safe from BK.....if he told you it was OK to borrow against it and that the borrowed money would be safe from BK just like the 401k is ...that would be wrong and you may want to take action against him.....If you thought touching the 401k (as in borrowing against it) was the same as keeping it protected and safe...it's just your fault for not understanding what your doing.
Typically, you have to pay the entire balance of the loan back.