I took out a loan on my 401K plan this past year. Do I have to include that when I file my taxes or not because I'm paying it back through payroll deduction.
If I do have to include this can I file my return now and do an amendment later with that in formation. I didn't know if I would get a special form mailed to me with my loan information on it.
I took out a loan on my 401K plan this past year. Do I have to include that when I file my taxes or not because I'm paying it back through payroll deduction.
No you don't report loans on your tax return. But if you get a 1099R for it then it wasn't really a loan and you have to report it as taxable income.
I took out a loan on my 401K plan this past year. Do I have to include that when I file my taxes or not because I'm paying it back through payroll deduction.
It was a loan on my 401K through my employer. I am paying it back including interest over the five years that it was taken for. I'm pretty sure its considered a loan but I will definitely keep an eye out just in case for that form. Thanks.
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