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teelover2
New Member

If o took out a pension loan and the taxes were taken out fo I need to list this

 
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SteamTrain
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

If o took out a pension loan and the taxes were taken out fo I need to list this

If taxes were taken out, then it's unlikely that the distribution was structured as an actual Loan from that plan.

 

Check with the administration Representative to make sure it was structured as a "loan" that you are allowed to pay back into the plan.

__________________

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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2 Replies

If o took out a pension loan and the taxes were taken out fo I need to list this

A loan from a tax deferred account such as a 401(k) is not taxable so there are no taxes withheld.

 

If you defaulted on the loan or left the company without paying back the loan, then the distribution is taxable income and you will receive a Form 1099-R for the distribution.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

SteamTrain
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

If o took out a pension loan and the taxes were taken out fo I need to list this

If taxes were taken out, then it's unlikely that the distribution was structured as an actual Loan from that plan.

 

Check with the administration Representative to make sure it was structured as a "loan" that you are allowed to pay back into the plan.

__________________

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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