TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

401k withdrawal

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

If I took out a loan on my 401k do I have to document this somewhere? I am paying it back with my paychecks. It was due to being out of work for 3months on medical leave due to surgeries/procedures. If I do, what form do I use to document the withdrawal?

TurboTax Deluxe Online

Best answer by null725

If you did a 401k loan and you are paying it back with payroll deductions, you do not report it at all. It is not income and the interest that you pay is not deductible. Only if you default on your payments would you report it on your tax return.

Level 13

If you did a 401k loan and you are paying it back with payroll deductions, you do not report it at all. It is not income and the interest that you pay is not deductible. Only if you default on your payments would you report it on your tax return.