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New Member
posted May 31, 2019 6:46:45 PM

If I borrowed money from my 401k do I have to file that?

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2 Replies
Alumni
May 31, 2019 6:46:47 PM

If you got a 401k loan and are current in your payments, there is nothing to report. If you took a distribution, you will get a Form 1099-R and you will have to report that and pay tax on it.

New Member
May 31, 2019 6:46:48 PM

I understand about the paying taxes part, what I don't understand is why I'm being asked what kind of retirement payment I'm receiving from my retirement plan.  It was a one time withdrawal, Can someone help me with this? I have to select a code from a drop-down list and my option isn't available.