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Originally Posted by jIM_Ohio
A Roth withdraw is limited to principal contributions, and cannot be replaced (once withdraw, you have 60 days to replace?). The Roth contributions were already taxed.
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Once the money is out of Roth you can't replace it. If you take say 10k of your contributions out, you're still not allowed to go over the yearly maximums to replace it. That's why it's not really good to take money out of a Roth either.
What I was referring to when I wrote about the "60 days" was that's the usual time you have to pay back a 401k loan if you leave the company before it's considered a premature distribution.
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Originally Posted by jIM_Ohio
I have borrowed from my 401k twice (once for each house we bought).
First loan was 7k over 7-8 years and I regret the term of the loan.
Second loan was 19k over 14 months. Repaying quickly is a huge positive step towards avoiding double taxation over an extended period of time.
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I borrowed from my 401k years ago and actually I think I may have made money on the deal since what I was holding in my 401k at the time totally tanked while the loan was out
Even so, I wouldn't borrow from it again, I just didn't know any better at the time.