Hi. I borrowed from my 401k and have had payments back to it deducted from my paycheck monthly. Where do I put that info?

kwenners2 · ‎January 28, 2025

MinhT1 · ‎January 28, 2025

You do not report the loan from your 401(k) and the monthly repayments on your tax return.

However, if you default, the remaining principal balance will be deemed a distribution. A form 1099-R will be sent to you and you must report that form on your tax return.

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VolvoGirl · ‎January 28, 2025

You don’t report the loan on your tax return. If you got a 1099R that is taxable. You only enter the paycheck deductions from your W2. It will be in box 12.

Opus 17 · ‎January 28, 2025

Your loan repayment is not a tax deduction.

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Hi. I borrowed from my 401k and have had payments back to it deducted from my paycheck monthly. Where do I put that info?