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kms320
New Member

I defaulted 401k loan in 2016. However the money was disbursed in 2015. Can I refile 2015, rather than paying the taxes in 2016?

I took a loan against my retirement in 2015, unfortunatley I was not making enough money and ended up defaulting in 2016 so it became taxable income.  Can / should I refile for 2015?  I'd rather not have the tax liability in 2016.

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Texas Roger
Level 15

I defaulted 401k loan in 2016. However the money was disbursed in 2015. Can I refile 2015, rather than paying the taxes in 2016?

You must enter it on your tax return for the year the 1099-R was issued. That would most likely be 2016 if that is the year that you defaulted on the loan. 

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Texas Roger
Level 15

I defaulted 401k loan in 2016. However the money was disbursed in 2015. Can I refile 2015, rather than paying the taxes in 2016?

You must enter it on your tax return for the year the 1099-R was issued. That would most likely be 2016 if that is the year that you defaulted on the loan. 

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