We have taken a loan from our 401k. Should this be accounted for as income received even though it's being paid back to the account biweekly?

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We have taken a loan from our 401k. Should this be accounted for as income received even though it's being paid back to the account biweekly?

The loan is not taxable income. It would only become taxable income if the account holder left their employment and defaulted on the remaining payments.

We have taken a loan from our 401k. Should this be accounted for as income received even though it's being paid back to the account biweekly?

Now post back if they send you a 1099R form for it. Sometimes you think it's a loan but they considered it a distribution. Did they take any taxes out of it?

We have taken a loan from our 401k. Should this be accounted for as income received even though it's being paid back to the account biweekly?

No taxes. We specifically signed up for a loan through Fidelity. What do you mean by "now post back," please?

We have taken a loan from our 401k. Should this be accounted for as income received even though it's being paid back to the account biweekly?

Just what you did, post back as a reply in this forum.

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