401K Financial Planning

mishatim asked:

I want to understand if the 401k loan interest schedule is different from a mortgage interest schedule. For example, in a mortgage payment the interest is the most of it. Is it the same with 401k loan?
Reason for asking is to see if it makes financial sense to use 401k loan to pay off a mortgage on a property. Thanks!


Question posted courtesy of: Amy

tooty1117 asked:

I received distribution of a portion of my 2006 401k contributions in early 2007 because of failure of 401k plan for high income earners. I reported this on my 2006 taxes. I received a 1099R in 2008 for 2007. How do I report this since I’ve already included it in 2006 taxes?


Question posted courtesy of: Lillie