Do I need to claim a $1200 401k loan that I pay back automatically through my paycheck? Will I receive any tax forms I should wait for before filing?

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No. Repayment of a 401K loan or other qualified plan loan is not reportable to the IRS and is between you and your plan administrator.

The only time it becomes a reportable event is if you fail to repay or leave your job. At that point, the balance of the loan is considered a distribution that is taxable and possibly subject to a 10% penalty.

My 14 yrs old son (dependent) has no income, but it received a K-1 from a partnership which run at a loss. Does he need to file an individual tax return ?

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Do I need to claim a $1200 401k loan that I pay back automatically through my paycheck? Will I receive any tax forms I should wait for before filing?

Do I need to claim a $1200 401k loan that I pay back automatically through my paycheck? Will I receive any tax forms I should wait for before filing?

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Do I need to claim a $1200 401k loan that I pay back automatically through my paycheck? Will I receive any tax forms I should wait for before filing?

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Do I need to claim a $1200 401k loan that I pay back automatically through my paycheck? Will I receive any tax forms I should wait for before filing?

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