It depends. The repayment is 'until the due date of the tax return for the year in which the distribution occurs'. If the distribution was taken in 2022, then you have until the due date of your 2022 tax return to make the loan repayment. However, if the distribution was taken in 2021, then you have until April 18, 2022 to make the repayment or to roll over a qualified loan offset distribution.
Also since you quit, and no longer work for this employer, you should check the rules for actions on the 401(k) when an employee leaves the company. In other words to confirm whether the company can choose to consider the loan as a disbursement. This will help determine whether you should leave it in place until repayment or if you should roll it over to an IRA.
Consider the advice provided by @dmertz as well; reporting the 1099-R next year and the codes the company will use when and if they issue it.
- 'Just make sure that the employer indeed treats this as an offset distribution and will include code M in box 7 of the 2022 Form 1099-R. When entering this Form 1099-R into 2022 TurboTax you'll report as a rollover the amount repaid.'
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