401k on form 433

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    Lisa Judson

    My client has a 401k account and is over full retirement age but is still working. Would the value of the asset, for the 433, be 80% of face value as it is an investment account that he can withdraw at any time due to his age or would it be the 50% of the value that his plan allows for loans against the account?

    Thanks for your help!

    Ira Levine

    I would think that it would be the 80% (no penalty) of the value. What the taxpayer can borrow is not the value. I hope this helps.


    I agree — the IRS would want what the taxpayer can access.

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