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bphillips52
New Member

Is a home equity loan taxable? i got a 1099-R

 
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FaithY
New Member

Is a home equity loan taxable? i got a 1099-R

If you have a home equity loan, the interest you pay on that loan may be tax deductible. A 1099-R is received when you take money out of a retirement account (distribution) The 1099-R needs to be entered on your tax return. Based on your tax situation, the 1099-R distribution may be taxable to you. When you enter the 1099-R into TurboTax, TurboTax will ask you questions to help you determine if your 1099-R distribution is taxable.

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4 Replies
TomYoung
Level 13

Is a home equity loan taxable? i got a 1099-R

i don't understand what one thing has to do with another.  a home equity loan might have tax deductible interest.  a 1099-r reports distributions from a retirement account that might be taxable.  why have you strung these two items together
Carl
Level 15

Is a home equity loan taxable? i got a 1099-R

A 1099-R has nothing to do with a loan of any type what-so-ever. It's money paid to you from a tax deferred account, that is now become taxable in the year you took that money out of the account.
VolvoGirl
Level 15

Is a home equity loan taxable? i got a 1099-R

If you took out a loan from your 401k it doesn’t go on your tax return.  If you got a 1099R for it then it wasn’t a loan but a distribution.  Or you didn’t pay it back like if you stopped working there.  Why did you get the 1099R?  What code is in box 7?
FaithY
New Member

Is a home equity loan taxable? i got a 1099-R

If you have a home equity loan, the interest you pay on that loan may be tax deductible. A 1099-R is received when you take money out of a retirement account (distribution) The 1099-R needs to be entered on your tax return. Based on your tax situation, the 1099-R distribution may be taxable to you. When you enter the 1099-R into TurboTax, TurboTax will ask you questions to help you determine if your 1099-R distribution is taxable.

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