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keisha_greene
New Member

I borrowed money from retirement, do i need to claim this income?

 
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Texas Roger
Level 15

I borrowed money from retirement, do i need to claim this income?

If this is a loan, it is not reported on your tax return. If it is not repaid, the financial institution would convert it to a distribution and then you would receive a 1099-R and report it as income.

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Texas Roger
Level 15

I borrowed money from retirement, do i need to claim this income?

If this is a loan, it is not reported on your tax return. If it is not repaid, the financial institution would convert it to a distribution and then you would receive a 1099-R and report it as income.

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