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3 replies

DoninGA
Level 15
DoninGALevel 15
Level 15
January 7, 2023

No.  A loan from a 401(k) tax deferred retirement account is not classified as a withdrawal from the account.  You will Not receive a Form 1099-R for the loan.

    T
    Alumni - Champ
    TomD8Alumni - Champ
    Alumni - Champ
    January 7, 2023

    Exception: if you cannot pay the loan back (the loan defaults), then the unpaid amount is considered to be a taxable distribution and you could face a 10% penalty if you are under the age of 59½.

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.
      VolvoGirl
      VolvoGirl
      Level 15
      January 7, 2023

      ps....if you do get a form 1099R then it was not a loan but a withdrawal.  Some people in the past have been confused if they took a loan or withdrawal.  

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