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I took a 401k loan of $1400.00 and repaid it. Should I enter it here? is that the same as a withdrawl?
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I took a 401k loan of $1400.00 and repaid it. Should I enter it here? is that the same as a withdrawl?
A 401k loan is not the same as a withdraw. If you withdraw funds from a 401k, the 401k administrator will issue a 1099-R. Loans are not considered a withdraw unless there was a failure to pay back the loan (typically occurs when a person leaves the employer and does not pay back the full amount of the outstanding balance within 60 days of termination).
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I took a 401k loan of $1400.00 and repaid it. Should I enter it here? is that the same as a withdrawl?
A 401k loan is not the same as a withdraw. If you withdraw funds from a 401k, the 401k administrator will issue a 1099-R. Loans are not considered a withdraw unless there was a failure to pay back the loan (typically occurs when a person leaves the employer and does not pay back the full amount of the outstanding balance within 60 days of termination).
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