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LarryDem

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  1. Thanks once again, Michael. Still a bit confused but I'll be calling about the account soon.
  2. Thanks, Michael. Since I made the loan to me and would supposedly be paying myself the interest, just how much, and why, would I have to pay to settle the loan? This part really confuses me.
  3. I defaulted on a $2100 loan from my 403(b) back in 2006. It ended up being treated like a distribution and I got a 1099 that I filed with my taxes. Here it is 12 years later and my account still shows an outstanding loan balance of well over $5000. My latest statement says my account now has assets of around $4400. It also shows the loan balance mentioned of course. The $4400 is made up of two funds that I am invested in and something called a collateral account. The collateral account shows a balance of around $3700. Can anyone explain why this loan has been continuing to amass interest after being treated as a distribution so long ago? Also, will I be able to withdraw the $4400 when I turn 59 1/2 or will this amount be affected by this outdated loan? And what is the story on this collateral account? I am wondering about this because I have been out of work for over a year and am waiting on a disability determination. I am quickly running out of cash and was wondering if this 403b is anything I could count on. Thanks for any help and info that anyone can share.
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