1099-R Distribution Code M question about paying back what I borrowed

Anonymous — Sat, 18 May 2019 20:20:24 GMT

So in 2018 I borrowed from my 401K for a first time home purchase. I was separated from my job and started a new one right away, while still owing the 401K loan. Since I didn't have the money to pay it back I thought I would take it as an early distribution until I heard about the law changing. So now in 2019 with my new job, I have a small loan on my 401K.

1. I have filed for an extension until October in order to give my self time to pay back the 2018 loan.

2. If I pay back my current loan to myself on my current 401K does that money count towards my payback of my old one? Or another way of asking this question is: Does paying back a 401k Loan to myself count as a rollover?

Make Sense? any information would be great!

Re: 1099-R Distribution Code M question about paying back what I borrowed

NCperson — Mon, 20 May 2019 13:48:38 GMT

Instead of having 60 days to pay back the loan, you have until the tax due date, including extensions to pay back the loan

See link below

https://ttlc.intuit.com/questions/4579331-can-401k-loan-offset-from-1099-r-having-code-m-allowed-to-rollover-to-another-qualified-plan-even-after-60-days-till-april-2019-i-have-amount-in-box-1-and-box-2/amp

so yes, monies paid back before you file would count as a rollover

topic Re: 1099-R Distribution Code M question about paying back what I borrowed in Retirement tax questions

1099-R Distribution Code M question about paying back what I borrowed

Re: 1099-R Distribution Code M question about paying back what I borrowed