403b loan

[Mike or Penny Novack]

Dennis

> But this 'loan' is not a real liability, since it should be
>considered an asset.  I think?
>
>  
>
That (probably) involves questions that are far beyond the  what we here 
on this list should attempt to answer. I am NOT a tax advisor and  know 
nothing about the rules for a 403b. But if they are anything as complex 
as the rules for 401k loans (I do know the 401k rules)  all sorts of 
things are involved before you can say "not a real loan". Yes these are 
your funds, but how a loan that is never paid back affects your tax 
liability and possible penalties may have dependencies on things like 
your age when you took this loan, etc.

I am going to guess that if below age 59 1/2 (or whatever the age is for 
403b above which no penalty for an "early distribution") you might want 
to treat this as a real loan. But I repeat, I'm NOT a tax advisor. You 
should consult with one or at least read the small print of the rules 
very carefully.There could even be dependencies related to the purpose 
of the loan.

Michael D Novack