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Anonymous
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Does 401 k loan mean having distributions from a retirement acct?

Does taking out a 401k credit loan mean I have taken out a distribution from a retirement plan?
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‎May 31, 2019 7:23 PM
last updated ‎May 31, 2019 7:23 PM
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KenH1
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Does 401 k loan mean having distributions from a retirement acct?

No.  The beauty of a 401k loan is just that - it is NOT treated as a distribution.  No need to report your loan.

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.

Hope this helps.

‎May 31, 2019 7:23 PM
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