Solved: I took a loan from my 403B plan. Should I be getting a 1099?

I took a loan from my 403B plan. Should I be getting a 1099?

posted

No. The beauty of a 401k or 403b loan is just that - it is NOT treated as a distribution. No need to report your loan.

If you default on the loan repayments though, your loan administrator may re-classify the loan as a distribution and send you a 1099-R to report and pay taxes on.

Hope this helps.

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No. The beauty of a 401k or 403b loan is just that - it is NOT treated as a distribution. No need to report your loan.

If you default on the loan repayments though, your loan administrator may re-classify the loan as a distribution and send you a 1099-R to report and pay taxes on.

Hope this helps.