topic Re: If o took out a pension loan and the taxes were taken out fo I need to list this in Retirement tax questions

If o took out a pension loan and the taxes were taken out fo I need to list this

teelover2 — Wed, 28 Jan 2026 06:51:49 GMT

Re: If o took out a pension loan and the taxes were taken out fo I need to list this

DoninGA — Mon, 27 Jan 2025 17:01:10 GMT

A loan from a tax deferred account such as a 401(k) is not taxable so there are no taxes withheld.

If you defaulted on the loan or left the company without paying back the loan, then the distribution is taxable income and you will receive a Form 1099-R for the distribution.

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Re: If o took out a pension loan and the taxes were taken out fo I need to list this

SteamTrain — Mon, 27 Jan 2025 17:51:41 GMT

If taxes were taken out, then it's unlikely that the distribution was structured as an actual Loan from that plan.

Check with the administration Representative to make sure it was structured as a "loan" that you are allowed to pay back into the plan.

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