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If I took a "loan" from my 401K account, is that considered income and how do I report it?

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If I took a "loan" from my 401K account, is that considered income and how do I report it?

A loan from the 401k tax deferred retirement account is not reported on a tax return. If you default on the loan then it becomes a distribution and you would receive a Form 1099-R to report the distribution on a tax return.

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If I took a "loan" from my 401K account, is that considered income and how do I report it?

A loan from the 401k tax deferred retirement account is not reported on a tax return. If you default on the loan then it becomes a distribution and you would receive a Form 1099-R to report the distribution on a tax return.

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