Loaned money from 401k do i have to claim this loan on my return?

brackson03 · ‎May 31, 2019

MinhT · ‎May 31, 2019

If you took out a loan from your 401(k), you do not have to report it on your tax return.

Interest paid on such a loan is not tax deductible.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

MinhT · ‎May 31, 2019

If you took out a loan from your 401(k), you do not have to report it on your tax return.

Interest paid on such a loan is not tax deductible.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

jpiccolo81 · ‎May 31, 2019

The deductibility of home interest depends on the collateral for the loan, not on how you spend the proceeds. Since the 401k, not the home, secures the loan, it's not deductible.

Expert does your taxes

Do it yourself

Resources

Support

Loaned money from 401k do i have to claim this loan on my return?