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New Member
posted Mar 24, 2025 6:37:39 PM

I took a loan of 50k from my 401k for the purchase of my home, I repayed it in 6 months. Turbo tax says I overpayed my retirement contributions. How do i document this?

0 4 1508
4 Replies
Expert Alumni
Mar 24, 2025 6:54:19 PM

It sounds like you are reporting the repayment of your loan as a contribution.  There is nothing to report on your tax return for a 401(k) loan.  You can delete what you entered related to this.

Level 15
Mar 24, 2025 6:58:59 PM

Did you get a 1099R for the loan?  What code is in box 7 ?  

New Member
Mar 30, 2025 5:37:56 PM

Ok, so on my W2, box 12AA, Roth contributions, I would just leave the number exactly as it was on my w2 (66k) ?  Even though it will look like I over contributed (as 50k was the loan). Or go ahead and do the math, put 16k down as that was the actual contribution minus the loan? 

Expert Alumni
Apr 8, 2025 8:44:32 AM

Do you believe that box 12 of the W-2 is incorrect?  If so, contact your employer for a corrected W-2.

 

IRS General Instructions for Form W-2, page 21, states:

 

Code AA

 

Designated Roth contributions under a section 401(k) plan. Use this code to report designated Roth contributions under a section 401(k) plan. Do not use this code to report elective deferrals under code D. S