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Level 1

Question

I am paying back a 401K loan can I deduct this?

Forum|Forum|7 years ago
June 7, 2019
1 reply
4 views

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TurboTax Deluxe Windows

Level 15

No. The loan payments are a payback into the tax deferred retirement account. They are not deductible. The loan from the 401(k) is not reported on a federal tax return.

Level 15

A simple way to look at this is that you did not have to pay taxes on the money when you received the loan, so you do not get a deduction when you put is back. The interest payments that you make on this loan are also not deductible since the loan is considered a personal loan.