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.

posted

Connect with an expert

2 Replies

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.