We took a loan out on our retirement contribution plan, but did not get a 1099.

amyberube · ‎May 31, 2019

Is this interest not considered a deduction?

MargaretL · ‎May 31, 2019

You will not be receiving any forms indicating a loan from your retirement plan; and the interest on a loan is not a deduction for tax purposes. No entries are needed on your tax return.

A loan from a retirement plan such as 401(k) for example is not reported on a tax return. If you default on the loan, however - it will be treated as a distribution and you'll receive Form 1099-R which you'll have to report on your tax return.

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MargaretL · ‎May 31, 2019

You will not be receiving any forms indicating a loan from your retirement plan; and the interest on a loan is not a deduction for tax purposes. No entries are needed on your tax return.

A loan from a retirement plan such as 401(k) for example is not reported on a tax return. If you default on the loan, however - it will be treated as a distribution and you'll receive Form 1099-R which you'll have to report on your tax return.