I started a new business and left my old job of 15 years in 2018
I am filling a late return for 2018 at the current moment 09-28-2019 after I filed for an extension.
I got loan our of my 401k in the amount of 50K to put down on a down on a new house purchase before before I left in 2017.
I defaulted on the loan in September of 2018.
I want to enter the 50k loan into my taxes and do not know how or where.
Or even possibly, do I have to to. I am sure I do have to because it is consider income.
I want to enter it in my Turbo Tax software so if I get audit I do not have to pay the interest and fee.
Can someone please help me and let me know where I should enter this information in. Or anything may help me.
little about me:
2017 worked at a Casino as an employee for 15 years.
2017 took out a 50k loan to put down on a down payment to a new house purchase.
2018 January left the casino and started my own landscaping business.
2019 of September filling my 2018 and need to know where to enter the 50k loan I defaulted on.
Today's date 09-28-2019
