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edix99
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Do I need to report a loan taken against my 401k plan, since I am repaying it bi-weekly?

 
posted
‎February 12, 2024 10:30 PM
last updated ‎February 12, 2024 10:30 PM
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dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Do I need to report a loan taken against my 401k plan, since I am repaying it bi-weekly?

No.  The loan only becomes reportable if you default or you leave the company and the loan becomes satisfied with an offset distribution.  In either case you'll receive a From 1099-R to include on your tax return.

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‎February 13, 2024 4:48 AM
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dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Do I need to report a loan taken against my 401k plan, since I am repaying it bi-weekly?

No.  The loan only becomes reportable if you default or you leave the company and the loan becomes satisfied with an offset distribution.  In either case you'll receive a From 1099-R to include on your tax return.

‎February 13, 2024 4:48 AM
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