loan from 401lk

[aachudneymiles]

I have a 401k that I took money out of for regular expenses about 2k, where would I put this on the schedules. I was thinking Statement of affairs but dont find a place for it.

[aachudneymiles]

please anyone help

[lrprn]

I didn't file Ch 7, but if your $2K has to be counted as income since you took it out during the six months before filing, then it looks like it goes on Form 22A Line 10 Income from All Other Sources. I'm sure one of our Ch 7 pro se filers will jump in here if I'm off base.

[CATCHMEIFYOUCAN]

If I remember, I'll check my schedules when I go home for the day and may have an answer for you tomorrow night (graveyard shift), I honestly don't recall seeing it anywhere on my schedules (since my lawyer filled out the actual schedules) but I do recall having quiet a few loans a had taken out before I filed and being able to claim the "payments," being made to them as exempt. It sure helped towards "less disposable income" the Trustee was gonna get their hands on!

Catchmeifyoucan

[aachudneymiles]

If I remember, I'll check my schedules when I go home for the day and may have an answer for you tomorrow night (graveyard shift), I honestly don't recall seeing it anywhere on my schedules (since my lawyer filled out the actual schedules) but I do recall having quiet a few loans a had taken out before I filed and being able to claim the "payments," being made to them as exempt. It sure helped towards "less disposable income" the Trustee was gonna get their hands on!

Catchmeifyoucan

Catch let me know
/tnx guys

[CATCHMEIFYOUCAN]

Oh poop, I forgot to check. I'll make note to self and pull my file AND hopefully will let you know. Actually, let me go on pacer and take a peak.

Be Back! Catchmeifyoucan

[CATCHMEIFYOUCAN]

Im back:

Here's what I see when I converted from 13 to a 7:

Schedule I - Current Income of Individual Debtor(s)
4. LESS PAYROLL DEDUCTIONS
d. Other (Specify: 401K) ___________________

Are you paying it back through payroll deduction ??? Than you would only list the amount and any other amount (like extra contribution on top of the loan) that you having deducted from your payroll. At least that is how the lawyer listed mine. Even though I borrow X amount of dollars ($3000 in the course of a year). He only listed $5-600 something including what I was contributing (socking away) besides the amount of my pay back on my loans).

I hope this helps ! Catchmeifyoucan

[CindyLou]

I don't think she would be paying it back.....it was cashed out, right?...not a loan.....

EDIT:
DUUUUUUUUUUHHHHHHHHHHHhhh just noticed the big AZZ title of "LOAN FROM 401k"

So just curious, why do they count that as income if its a loan?

[CATCHMEIFYOUCAN]

Its additional money you received as part of your income throughout the year, I guess. The only benefit I see is its less disposable income the Trustee can take if you are paying it back through payroll deduction. My total amount was like $600 combined paying back on my 401k loan(s). Had I not had that, than I would be paying the Trustee $1400 a month istead of $800 a month through ch13.

Catchmeifyoucan

[aachudneymiles]

I don't think she would be paying it back.....it was cashed out, right?...not a loan.....

EDIT:
DUUUUUUUUUUHHHHHHHHHHHhhh just noticed the big AZZ title of "LOAN FROM 401k"

So just curious, why do they count that as income if its a loan?

it was a loan .. iam paying it back..