I took a loan out through my 401K in 2019. I am still paying it back with interest but the interest I pay goes back to my 401K. do I need to report this on my 2020 taxes?
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I took a loan out through my 401K in 2019. I am still paying it back with interest but the interest I pay goes back to my 401K. do I need to report this on my 2020 taxes?
I took a loan out through my 401K in 2019. I am still paying it back with interest but the interest I pay goes back to my 401K. do I need to report this on my 2020 taxes?
Loan payments you make on a 401(k) loan, including principle and interest, are not reported on a tax return.
I took a loan out through my 401K in 2019. I am still paying it back with interest but the interest I pay goes back to my 401K. do I need to report this on my 2020 taxes?
No. Only if you stop working there and/or don't pay it back. Then it turns into a distribution. You do report it if you get a 1099R for it.
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