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I took a loan out of my 401K and then lost my job. I owe less than $10,000. I know this need to be listed as income. However, I also took money out of my Roth IRA (not 59 1/2). Why must the Roth IRA be claimed for taxes if taxes were already paid?
Yes, it needs to be listed as income on your tax return if you received a 1099-R for the amount.
If it is a Roth IRA, any amount you contributed to the Roth IRA will not be taxed.
Depending on how long you had the Roth IRA account there may be a 10% penalty for early withdrawal. There also may be tax due if earnings were withdrawn.
The information needs to be reported on your return to make sure there is not a penalty due on the distribution or tax on the earnings.
To enter your 1099- R in TurboTax Online or Desktop (you may need to upgrade to report these distributions), please follow these steps:
Hello, I defaulted on two loans during 2020. However I paid back one in full during 2021 and half of the other during 2020. I received a 1099-R for both loans in the full amount taken from my 401K plan. Do I still have to add both amounts of the loans in the full amount to my gross income when filing my 2020 taxes.
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