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Deductions & credits
There are no deductions associated with the loan payback. The moneys you put into the plan were from compensation that was exempted from tax until you withdraw it. The loan proceeds were not a withdrawal since you will pay them back. When you are done doing so you will affectively be in the same situation you were before you took the loan, so there is no additional deduction due you.
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‎February 20, 2025
12:48 PM