tst Posted March 19, 2015 Report Share Posted March 19, 2015 If under 59 1/2 code L (not an IRA) 401k is it subject to 10% penalty? Its a Loan treated as distribution. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 20, 2015 Report Share Posted March 20, 2015 Yes it is. One of the pitfalls of taking a loan from a 401(k). 1 Quote Link to comment Share on other sites More sharing options...
tst Posted March 20, 2015 Author Report Share Posted March 20, 2015 Thanks just wanted to be sure. Makes sense. The code L prevented my software from automatically calculating the penalty. So thought perhaps this was different since not a code 1 Quote Link to comment Share on other sites More sharing options...
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