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titkajames
titkajames
Level 1
posted
‎June 4, 2019 10:05 PM
last updated ‎June 04, 2019 10:05 PM

I took a loan out on my 401k and i am paying it back before taxes so it will look like i did not pay taxes on $174.00 every 2 weeks will turbotax take money out for this?

 
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ScottT
ScottT
Level 6
‎June 4, 2019 10:05 PM

I took a loan out on my 401k and i am paying it back before taxes so it will look like i did not pay taxes on $174.00 every 2 weeks will turbotax take money out for this?

No, TurboTax will not take money out of your 401k loan. You do not report your 401(k) contributions on your federal income tax return (except if listed on your W-2, then report under the W-2 section). Additionally, you do not report a loan from a 401(k) on your income tax return. If you default on the loan, it becomes a distribution and you will receive a Form 1099-R which will be reported on a tax return.  Below is an similar answer to your question.

https://ttlc.intuit.com/replies/6423451

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ScottT
ScottT
Level 6
‎June 4, 2019 10:05 PM

I took a loan out on my 401k and i am paying it back before taxes so it will look like i did not pay taxes on $174.00 every 2 weeks will turbotax take money out for this?

No, TurboTax will not take money out of your 401k loan. You do not report your 401(k) contributions on your federal income tax return (except if listed on your W-2, then report under the W-2 section). Additionally, you do not report a loan from a 401(k) on your income tax return. If you default on the loan, it becomes a distribution and you will receive a Form 1099-R which will be reported on a tax return.  Below is an similar answer to your question.

https://ttlc.intuit.com/replies/6423451

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