Solved: If I borrowed 3500 from my 401k do I have to put this in my taxes if I do how do I do it?

If I borrowed 3500 from my 401k do I have to put this in my taxes if I do how do I do it?

posted

No it does not need to be reported an long as it is loan.

If you default on the loan and not pay it back, then you will issued a 1099R for the balance and will have to pay income taxes and penalty (if under 59 1/2).

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No it does not need to be reported an long as it is loan.

If you default on the loan and not pay it back, then you will issued a 1099R for the balance and will have to pay income taxes and penalty (if under 59 1/2).