I had no idea this was defaulted. I've been gone from the company since August 2016.
You'll need to sign in or create an account to connect with an expert.
The company will issue you a Form 1099R and this will be reported as taxable income from a retirement plan. As such, if you are below age 55, you will also have a 10% premature distribution penalty on the taxable amount.
You should confirm whether they actually did withhold and repay the loan back to your 401(k). If not, it is taxable to you as noted.
The company will issue you a Form 1099R and this will be reported as taxable income from a retirement plan. As such, if you are below age 55, you will also have a 10% premature distribution penalty on the taxable amount.
You should confirm whether they actually did withhold and repay the loan back to your 401(k). If not, it is taxable to you as noted.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
superj53
New Member
Mark-David
Level 1
Mark-David
Level 1
dseilkop
Level 1
dixkev
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.