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chalimar93
New Member

I took out a loan with my 401k through my job last year and I'm paying it back through my paycheck. Would I still have to report it on my taxes it was $1,500?

 
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dmertz
Level 15

I took out a loan with my 401k through my job last year and I'm paying it back through my paycheck. Would I still have to report it on my taxes it was $1,500?

A 401(k) loan is not reportable unless it becomes a deemed distribution due to failing to comply with the terms of the loan or it becomes an offset distribution because the loan came due because you left the company.  A deemed distribution (code L) or an offset distribution (code M) would be reported on a Form 1099-R that you would enter into TurboTax.

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dmertz
Level 15

I took out a loan with my 401k through my job last year and I'm paying it back through my paycheck. Would I still have to report it on my taxes it was $1,500?

A 401(k) loan is not reportable unless it becomes a deemed distribution due to failing to comply with the terms of the loan or it becomes an offset distribution because the loan came due because you left the company.  A deemed distribution (code L) or an offset distribution (code M) would be reported on a Form 1099-R that you would enter into TurboTax.

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