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Deductions & credits
No, you can't claim repayments on a loan you took from your retirement plan (Thrift Savings Plan) on your tax return.
When you take a loan out from a 401(k) plan, the money you take out is tax-exempt as long as you pay it back on time. As you make payments, the interest you pay is paid to your 401(k) account.
Refer to the TurboTax article What happens if I have a 401(k) loan but later lose or quit my job? if you stop working at your job.
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‎February 24, 2024
7:35 PM