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I had an emergency and borrowed on my 403B. Do I need to repay it back?

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  Answers  |  1

October 15, 2014

Paying back your 403b loan = paying back your retirement plan. In every respect, it's a good idea. However, if for financial reasons you aren't able to pay this back, the loan would eventually be considered a retirement plan distribution which would be subject to income tax and a potential penality depending on your age. The best thing to do in this scenario is to consult with a tax professional and have him/her calculate both options for you.

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