No, TurboTax will not take money out of your 401k loan. You do not report your 401(k) contributions on your federal income tax return (except if listed on your W-2, then report under the W-2 section). Additionally, you do not report a loan from a 401(k) on your income tax return. If you default on the loan, it becomes a distribution and you will receive a Form 1099-R which will be reported on a tax return. Below is an similar answer to your question.
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