403b loan

[Dennis Powless]

Yes, I understand your not a tax advisor, but I'm not asking for tax
advice.  I'm just looking at how to enter this thing in gnucash.

BTW, there are no tax penalties, no hidden items, fine print etc...  it's
just loan against the 403b etc... I pay it back to myself into the fund.  I
do pay a small maintenance fee to the company etc...  Yes, if you borrow it
for a home loan it's different etc... it's  a loan.  I've read over the
years that some loan count as an asset vs a liability, I think when you
loan money to people or something..... I can't remember.

How do I enter it in gnucash?  I think the best is as an asset.

Putting all this aside....  the cash fund account is meant to move funds in
and out of an investment, correct?  That is how I'm treating the regular
403b account.

Thanks,

d




On Mon, Feb 10, 2014 at 4:09 PM, Mike or Penny Novack <
stepbystepfarm at mtdata.com> wrote:

> 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
>