turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

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

View solution in original post

1 Reply

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

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies