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Level 2

Wife did not pay back retirement loan distribution but did not get 1099R.

My wife decided not to pay back her loan from her 403b in 2019. She got a letter from her company saying she was considered at default which obviously means it's counted as taxable income. But the letter said it was deemed as a distribution effective January 2, 2020.  So it says she'll received a 1099R in January 2021.  So do I declare the income from her loan default for 2019 taxes, or do we wait until we receive the 1099R in 2021 and file it for 2020 taxes?  

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Level 15

Wife did not pay back retirement loan distribution but did not get 1099R.

The distribution will be reported on your 2020 tax return that you file next year in 2021.

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Highlighted
Level 15

Wife did not pay back retirement loan distribution but did not get 1099R.

The distribution will be reported on your 2020 tax return that you file next year in 2021.

View solution in original post