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No available 401k loans

Joined
Jan 23, 2013
Messages
17
I've been working at Target for almost 10 years now and have been able to take out a general purpose loan from my 401k with no problem. A buddy of mine who started work around the same amount of time but only started contributing to his 401k at the beginning of this year, doesn't have any available loan option. I'm not sure what the requirements are since I never dealt with it. He has 1000 dollars in there so far with 650 being his own contribution. He's worked over 1000 hours ebviously but I don't know if it only counts once you start contributing. If anyone knows I appreciate the help!
 
Joined
Apr 30, 2019
Messages
840
As I mentioned in another 401k thread, be extremely wary about borrowing from a 401k. If your employment with Target ends for whatever reason, the entire loan balance has to repaid in full with interest within 60 days or face a very, very nasty tax penalty. (This is caused by IRS regulations, not Target's rules).
 
Joined
Jun 23, 2018
Messages
144
Due to Corvid you are allowed to withdraw from your 401k penalty free until the end of the year. And if you pay it back (personal choice, no obligation) within a certain time period the IRS will even refund you the income tax you pay on it this year.
 
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