401(k) Contribution Financing
Get a loan to make a contribution to your 401k retirement account in time for your tax filing deadline.
- Reduce your tax burden by getting a deduction on this year's tax return.
- Make investments sooner and take advantage of the effects of compound interest.
- The maximum contribution you can make to a 401k for 2020 is $19,500 (plus $6,500 if age 50+). The max for an Individual 401k is $57,000.
When considering borrowing to make a 401k contribution, you should weigh the cost of interest from the loan against the benefits of making the contribution. 401K contribution benefits include a tax deduction (except for Roth contributions) and whatever rate of return your 401k averages.