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Registered
Join Date: Dec 2005
Location: Long Island, NY
Posts: 232
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Borrowing from 457 plan
Looking for some help:
I know, I shouldn't even think of touching any of this money. But the price of real estate is starting to drop and I need a little extra cash to put down. That being said, I can borrow up to 50% of my savings without penalty and have 5 years to pay back myself. My question is: when do I pay the tax on this? It's all tax deferred right now. Do I have to claim this as income or not because I'm paying myself back? thanks
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09-20-2006, 05:49 AM
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