I took out a 401k loan and I am paying it back. It is on form 1099-r, why I am getting taxed on it if I am paying back a loan from my retirement plan.
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It should not be on the 1099R. Ask your employer or the plan. Maybe they don't think it was a loan but a distribution. Or you misunderstood something.
It should not be on the 1099R. Ask your employer or the plan. Maybe they don't think it was a loan but a distribution. Or you misunderstood something.
You do not get a 1099-R for loan you are paying back.
What code is on box 7?
My mistake it wasn't a loan it was a covid withdrawal.
@Negraisa2jru wrote:
My mistake it wasn't a loan it was a covid withdrawal.
Then you need to wait for the 8915-E form to report it.
A COVID-19 related distribution is reported on a new 8915-E form that is not yet available and there is no estimated release date since the form is still in the draft state at the IRS. There is no telling how long it will take the IRS to make the electronic form available.
The draft paper form 8915-E is here:
https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf
Also to see if you qualify for a COVID-19 related distribution see:
https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-...
See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...
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