I took a loan out of my 401k in January 2017. I'm still at the same job and am paying it off bi-weekly. Do I need to pay taxes on the loan amount this year?
I took a loan out of my 401k in January 2017. I'm still at the same job and am paying it off bi-weekly. Do I need to pay taxes on the loan amount this year?
A loan is not a taxable event from the 401K and does not need to be reported in the tax return anywhere.
If you default on the loan, it would then be taxable income and a 1099R would be issued to you then.
I took a loan out of my 401k in January 2017. I'm still at the same job and am paying it off bi-weekly. Do I need to pay taxes on the loan amount this year?
A loan is not a taxable event from the 401K and does not need to be reported in the tax return anywhere.
If you default on the loan, it would then be taxable income and a 1099R would be issued to you then.
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