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Retirement tax questions
No, you cannot deduct payments or interest to repay a loan from your retirement plan. If you borrowed against your retirement plan and made payments back over the last 10 years, you received a distribution (the loan proceeds) that you were not taxed on.
The IRS says that the interest from a loan of this type (no matter what the loan proceeds were used for) is also not deductible.
Here's more info from the IRS on the subject of retirement plan loans:
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans
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‎June 5, 2019
3:24 PM