Do I need a 1099-R form if I borrowed from my 401k and am paying it back?

imspray7 · ‎January 21, 2023

The pay back is deducted from paycheck weekly

bluedeb · ‎January 21, 2023

No, you don’t report the loan, as long as you pay it back. Any money borrowed from a 401(k) account is tax-exempt, as long as you pay back the loan on time. And you're paying the interest to yourself, not to a bank. You do not have to claim a 401(k) loan on your tax return.

View solution in original post

bluedeb · ‎January 21, 2023

No, you don’t report the loan, as long as you pay it back. Any money borrowed from a 401(k) account is tax-exempt, as long as you pay back the loan on time. And you're paying the interest to yourself, not to a bank. You do not have to claim a 401(k) loan on your tax return.