- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I took out a loan from my profit sharing retirement plan and I have not received anything from them to file on my taxes! So what do I do before I continue filing my taxes
No
Topics:
June 3, 2019
1:07 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You
do not have to add this as income or report it on your taxes. A loan from a qualified plan is not considered a taxable transaction as long as you are paying
the loan back according to the terms of the loan. Also, if you quit
employment it is a deemed distribution and it becomes taxable at your
termination.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 3, 2019
1:07 PM