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nfsnicks
New Member

I took out a 401K loan, my 401K has already been taxed, and I am paying the loan back. do I have to enter that as income?

 
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DoninGA
Level 15

I took out a 401K loan, my 401K has already been taxed, and I am paying the loan back. do I have to enter that as income?

A loan from a 401(k) tax deferred retirement account is not reported on a tax return.  If you default on the loan then it becomes a distribution and you would receive a Form 1099-R which would be reported on a tax return.

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DoninGA
Level 15

I took out a 401K loan, my 401K has already been taxed, and I am paying the loan back. do I have to enter that as income?

A loan from a 401(k) tax deferred retirement account is not reported on a tax return.  If you default on the loan then it becomes a distribution and you would receive a Form 1099-R which would be reported on a tax return.

View solution in original post

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