I left my company and defaulted on a 401k loan. The amount owed was about 12000 dollars. Do I have to pay the 10 percent fee and fed taxes now, or within a quarter, or can I wait until I file next year. If I do wait until I file next year, will there be an additional penalty for not paying enough taxes during the year. I was once told that, in anticipation of substantial dividends, I should have my employer take an additional sum for the feds, as there would be a penalty. Is that true?
- posted
17 years ago