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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?
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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.
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