by Anonymous on May 3rd, 2007

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I'm a UK citizen who lived in the US for years. I took out 401K loan to finance a house project. When I moved back to UK I still had some to pay back. I'm concerned that IRS have not contacted me. Is 10% penalty independent of taxable income?

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by Runaholism on May 5th, 2007
No, the 10% doesn't applied in your case.
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I'm a UK citizen who lived in the US for years. I took out 401K loan to finance a house project. When I moved back to UK I still had some to pay back. I'm concerned that IRS have not contacted me. Is 10% penalty independent of taxable income?

Answers. 1 helpful answer below.

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I'm a UK citizen who lived in the US for years. I took out 401K loan to finance a house project. When I moved back to UK I still had some to pay back. I'm concerned that IRS have not contacted me. Is 10% penalty independent of taxable income?

Answers. 1 helpful answer below.

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