I'm curious if I want to withdraw the maximum $10,000 from a 401k that allows a loan to be taken, can I do this from 2 separate accounts? Meaning, if I have 2 separate 401k accounts, can each count as 2 different withdraws of $10,000 so I actually get $20K?
Is the rule otherwise $10,000 max no matter how many separate accounts you use?
Thanks in advance!
Perfect.
So for my actual work 401K to avoid the penalties I just need to make sure I do a loan correct?
Yes if you can take a loan. A loan is not a distribution and is not taxable. You don't get a 1099R for loans and don't report loans on your tax return.
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