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Borrowed money for dental surgery from 401k can I deduct that amount it was 9000.00 with around 2800.00 returned to me.

 
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KatrinaB
Intuit Alumni

Borrowed money for dental surgery from 401k can I deduct that amount it was 9000.00 with around 2800.00 returned to me.

Paying medical expenses with your 401K funds does count as an exception to the 10% tax. However, the bills must exceed a certain percentage of your AGI for 2019. Please see the details below. 

Please view this IRS link for more information.

 

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1 Reply
KatrinaB
Intuit Alumni

Borrowed money for dental surgery from 401k can I deduct that amount it was 9000.00 with around 2800.00 returned to me.

Paying medical expenses with your 401K funds does count as an exception to the 10% tax. However, the bills must exceed a certain percentage of your AGI for 2019. Please see the details below. 

Please view this IRS link for more information.

 

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