Hi all. I need some help with making sure my 401k shows up correctly and for some reason I am questioning it was done right. Comment, please... It is my understanding that 401k money is exempt. In my case, let's say I have $10,000 in my 401k (market value) but a loan of $2,000 against it. So, to make sure the forms are correct would it go like this?:
Sched B (personal property), line 12. Current value: $10,000 (market value)
Sched C (exemptions). 401k Retirement Plan: Value of exemption: $8,000; Current Value: $10,000.
I am very unclear on the Sched B & C inputs. Is my exemption supposed to be higher even though there is a loan against it?? Thanks.
Sched B (personal property), line 12. Current value: $10,000 (market value)
Sched C (exemptions). 401k Retirement Plan: Value of exemption: $8,000; Current Value: $10,000.
I am very unclear on the Sched B & C inputs. Is my exemption supposed to be higher even though there is a loan against it?? Thanks.