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Level 1

Question

Form 1099-r code 1

Forum|Forum|7 years ago
June 1, 2019
2 replies
5 views

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?

TurboTax Free Edition Online

Level 15

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

A

Anonymous

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/

Level 15

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