My company was sold and I had a loan on my Roth 401k of about $6900. The new management team for the company that purchased our company would not take on the loan. I was 56 when the sell happened. I received a 1099 for the loan amount. I had read that if you were over 55 and your company is sold, I would not be penalized since I am over 55. When I do my taxes, it has me owing money. Is that correct?

March 20th, 2024

Sign Up to View Answers

Create an account to view answers and interact with the community!