Hello,
If one had a 401k loan with their previous company and quit that job, the loan becomes due. Per the Tax Cuts and Jobs act of 2017, you have until your taxes are due for that tax year to roll over the loan balance into an eligible account to avoid paying income taxes and early-withdrawal penalty. So this means April 15th by default and October 15th if you file an extension.
Given that information, what would happen if you left the company in December, then filed your taxes in February (mentioning nothing about the loan distribution), received a refund, then some time later you got a 1099-R about the offset/distribution?
Can you still roll over the loan balance into an eligible retirement account, re-file a correction and still avoid the major taxation on the balance of the loan?
If so, how long would you have? April 15th, or longer? Or once you file at all (even incorrectly) your ability to claim the rollover is off the table?
