Last year we took out a small loan through our 401K, do I still need to file this on our taxes?

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Last year we took out a small loan through our 401K, do I still need to file this on our taxes?

No, you do not report the loan. The advantage of a 401k loan is just that - it is NOT treated as a distribution.

If you default on the loan repayments though, your 401k administrator may re-classify the loan as a distribution and send you a 1099-R to report and pay taxes on.

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