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New Member
posted Jan 23, 2023 12:16:28 AM

Hello I’m curious, i took out a small loan from my 401k, how or where or what info do i need to submit that information?

 I don’t want to owe unnecessary taxes later if all i need to do now is input the info

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1 Replies
Level 15
Jan 23, 2023 3:44:00 AM

If you indeed took an arranged loan from the 401k....one that had you arrange paying it back .....then it doesn't get entered on a tax return.

 

However, if you default on that loan, then a 1099-R will be issued for the year you default in and then you will owe some taxes on the defaulted portion.