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posted Jun 4, 2019 10:05:06 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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1 Best answer
Level 1
Jun 4, 2019 10:05:08 PM

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

1 Replies
Level 1
Jun 4, 2019 10:05:08 PM

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