Hi there,
Trying to get a start on my taxes and ran into a snag.
I was employed by Company (A) up until 2018 when I was fired. I had a 401k in it that I contributed to regularly from my paycheck. A year or so prior I had taken a loan out against it (at the time it was necessary and the repayment wasn't an issue).
I still had money left in my 401k as far as I knew. When I was terminated I didn't understand the payback options, and was under the impression the loan would be paid back from the 401k. I didn't do anything with it, but today recieved a 1099R form from them
The form says 1. Gross distribution 2250.00 2a. Taxable amount 2250
7. Distribution code(s) 1M
I plan on talking to a professional, but I'm not exactly in a great place financially, so I'm at a loss on how to handle this. Thank you for any clarification you can offer
