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A 401k loan is a very useful tool in certain situations. Its best used for short term purposes as you want to avoid long term double-taxing because youre repaying with after-tax money. However, for getting money quick for very little cost, its great.
How do I request a 401k loan with Fidelity?
All loans may be initiated online at .fidelity.com/atwork or by calling Fidelity Investments at (800) 354-7121. For a loan with a repayment term of five years or less, the loan amount is deducted from your account the night you initiate the loan.
How do I request a 401k withdrawal from Fidelity?
Go to Fidelity.com or call 800-343-3548. Use this form to request a one-time withdrawal from a Fidelity Self-Employed 401(k), Profit Sharing, or Money Purchase Plan account. Possible requests include a one-time, immediate distribution; a qualified or direct conversion to a Roth IRA; or a direct rollover.
How do I request a loan from my 401k?
Steps to get a 401(k) loan Talk to your employer. Consider the terms. Complete the required paperwork. Receive the funds. Make regular payments on the loan. Continue regular 401(k) contributions.
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The maximum amount that the plan can permit as a loan is (1) the greater of $10,000 or 50% of your vested account balance, or (2) $50,000, whichever is less.
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