answered question 6/8/2009 I Have An Outstanding 401K Loan. My Employment Is Being Terminated As Part Of A Downsizing. If I Do Not Pay The Loan Back And It Defaults, Will I Be Subject To The 10% Penalty Even Though My Job Was Terminated. I Am 58 1/2 Years Old. Can You Help? My company is down sizing, and I expect to be terminated. I have 32,000 in my account. How much can I expect to walk home with, after taxes and penalties ? Does anyone know ?
