Understanding 401(k) Loan Interest: Pay Yourself or the IRS?


Understanding 401(k) Loan Interest: Pay Yourself or the IRS?

401k loan interest to yourself is a feature of some 401k plans that allows participants to borrow money from their own account and pay the interest back to themselves. This can be a useful way to access money for a short period of time without having to take out a loan from a bank or other lender.

There are several benefits to taking a 401k loan, including:

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