topic 401K loan in Get your taxes done using TurboTax

401K loan

Spenk — Fri, 03 Jan 2020 04:24:12 GMT

When filling out my 2019 taxes do I need to input my 401k loan that I took out? Haven’t defaulted on it. Will be paid off in 2 years.

Re: 401K loan

VolvoGirl — Fri, 03 Jan 2020 04:34:14 GMT

No. The loan doesn't go on your tax return unless you default on it.

Re: 401K loan

Spenk — Fri, 03 Jan 2020 05:22:52 GMT

Thanks for clearing that up

Re: 401K loan

Bertog — Thu, 20 Feb 2020 19:55:15 GMT

If I took the loan out in 2019 didn't miss any payments in 2019 and default on it in 2020 because I left the job what year would I have to file it on my taxes 2019 or 2020? If I don't pay the loan back in time.

Re: 401K loan

KatrinaB48 — Thu, 20 Feb 2020 20:04:02 GMT

You will report it on your 2020 tax return. You should receive a Form 1099-R to report the amount of loan default as a distribution.