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.
TomD8
Alumni
Jan 7, 2023 7:49:47 AM
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.
VolvoGirl
Level 15
Jan 7, 2023 7:58:10 AM
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.