turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

office
New Member

Form 1099-r code 1

I left an employer and had a 401-k loan that I didnot pay off. I received a 1099-R for it, code 1. However when I enter it in Turbotax, my refund does not get reduced. How do I pay taxes on this?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
dmertz
Level 15

Form 1099-r code 1

Does the Form 1099-R show an amount in box 2a?  If box 2a is blank, is box 2b Taxable amount not determined marked?
SamI
New Member

Form 1099-r code 1

If you default on your 40l-K loan your distributions to your 40lK and 100% of the amount become "taxable monies" and usually you pay it off through distributions through wages and contributions and by paying a tax each distribution you make.


For more information:
http://thelawdictionary.org/article/is-inheritance-taxable/

dmertz
Level 15

Form 1099-r code 1

This does not answer the question that was asked and the reference link has no relevance at all to this question.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies