My husband got a loan from his 401k. A friend of mine told me that because of him getting that it will reduce the amount we receive. This is the first I have heard of anything like that and I have searched it and couldn't find anything. Does anyone know anything about this?
Will getting a loan from your 401k reduce your stimulus refund amount?
No.
Loans from 401k's have no effect on the tax return so there will be no effect on the stimulus rebate.
Remember, when taking tax advice from "friends", those "friends" are normally wrong over 90% of the time. You wouldn't believe the things that people have told me over the years.
Reply:No impact. So long as your husband doesn't default (fail to pay back the loan) then the govt will never even know about the loan. Your friend couldn't be more wrong.
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