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Can I borrow from my 401(k) plan? That depends on the provisions of your company's retirement plan. You can find this information by calling your benefits department or checking the Summary Plan Description. Are there any taxes involved in taking out a loan? There aren't taxes or penalties when you initially take a loan. Taxes or penalties will only apply to an outstanding loan balance if you are no longer working for the company and/or if you don't repay your loan on time. If you decide to leave your employer, you generally must repay your loan in full within 90 days. If you are under age 59 1/2 and you do not repay your loan within this time frame, the loan is then considered a withdrawal and you would have to pay a 10 percent early withdrawal penalty as well as current income taxes.
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