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New Member

401k withdrawal

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?
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Alumni

401k withdrawal

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.

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Alumni

401k withdrawal

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.

View solution in original post

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